Santander 4Q Net Profit Beat Expectations
January 30 2019 - 1:33AM
Dow Jones News
By Pietro Lombardi
Banco Santander SA (SAN.MC) closed 2018 with a profit beat as
fourth-quarter net profit topped expectations.
Net profit for the period rose 34% on year to 2.07 billion euros
($2.37 billion), the Spanish lender said Wednesday.
Gross income, Santander's top line, rose 4% to EUR12.54
billion.
Analysts had expected a net profit of EUR1.94 billion on gross
income of EUR12.17 billion, according to a consensus forecast
provided by FactSet.
For the full year, the bank reported net profit of EUR7.81
billion on gross income of EUR48.42 billion.
Santander's common equity Tier 1 ratio, a key measure of
balance-sheet strength, was 11.3% at the end of December from 11.1%
as of September.
"2018 has been an excellent year for the group. We have
successfully completed our three-year strategic plan," Executive
Chairman Ana Botin said.
"Latin America has remained an important engine for growth
within the Group, with especially strong progress in Brazil and
Mexico," she said.
The bank has achieved its 2018 targets. These included a
double-digit growth in EPS, a core tier 1 ratio above 11% and a
return on tangible equity--a key measure of profitability--above
11.5%.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
January 30, 2019 01:18 ET (06:18 GMT)
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