0845 GMT - Banco Santander's earnings growth and resilience are not reflected in its valuation, Citi analysts say. The Spanish bank's earnings are positively geared to higher rates globally, despite an offset from its Brazilian business, Citi notes. Based on the change since February in forward curves, which track expectations of rate movements, Citi estimates a 3% uplift to 2028 net profit. Despite this, Santander's shares have underperformed peers. Future net interest income growth for the bank will be supported by market shares of at least 10% in most regions, which decreases earnings volatility. Citi maintains a buy recommendation on Santander, and says it prefers it to the Spanish domestic banks. Shares are up 1.6%.
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