MADRID (Reuters) - Spain's Santander said on Tuesday its net profit in the first quarter rose 11% compared to the same period in 2023 thanks to a solid performance at its retail business, especially in Europe.

The euro zone second-biggest lender in terms of market value booked a net profit of 2.85 billion euros $3.05 billion), up from 2.57 billion euros in the same quarter last year.

Analysts polled by Reuters expected Santander to book a net profit of 2.87 billion euros.

($1 = 0.9341 euros)

(Reporting by Jesús Aguado, editing bby Inti Landauro)