Santander 1Q Net Profit Fell 10% -- Earnings Review
April 30 2019 - 6:21AM
Dow Jones News
By Pietro Lombardi
Banco Santander SA (SAN.MC) reported results for the first
quarter on Tuesday. Here's what you need to know:
NET PROFIT: Net profit for the period fell 10% to 1.84 billion
euros ($2.05 billion). This compares with analysts' expectations of
EUR1.83 billion, according to a consensus forecast provided by
FactSet.
REVENUE: Total income fell 1% to EUR12.09 billion, compared with
analysts' expectations of EUR12.14 billion.
WHAT WE WATCHED:
-ONE-OFFS: Costs related to asset sales and restructuring in the
U.K. and Poland, as well as high inflation in Argentina, hit the
bank's results. Santander reported a EUR108 million charge related
to restructuring and disposals.
-DIVISIONS: The bank delivered a "mixed set of results, with
momentum in Latin America largely offset" by the performance of its
operations in Spain and the U.K., Jefferies said.
-CAPITAL: Santander's common equity Tier 1 ratio, a key measure
of balance-sheet strength, was 11.25% at the end of March, slightly
down from 11.3% in December.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
April 30, 2019 06:06 ET (10:06 GMT)
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