Banco Santander Net Profit Up 14.3% in 1st Quarter
April 26 2017 - 1:55AM
Dow Jones News
By Jeannette Neumann
MADRID--Banco Santander SA (SAN.MC) said Wednesday that net
profit rose 14.3% in the first quarter from a year earlier, as the
bank made progress boosting its capital ratio.
Santander, one of Europe's largest lenders, said net profit was
EUR1.87 billion ($2.05 billion) in the quarter, compared with
EUR1.63 billion a year ago. That beat analysts' estimates that the
company would report a net profit of EUR1.75 billion in the latest
period, according to a poll by data provider FactSet.
The Spanish lender said net interest income in the first quarter
was EUR8.4 billion, compared with EUR7.62 billion a year earlier.
That beat analysts' estimates for net interest income of EUR8.14
billion, according to FactSet.
Net interest income, a key profit driver for retail banks, is
the difference between what lenders earn from loans and pay for
deposits.
Santander's capital ratio was 10.66% in March, compared with
10.55% in December, under international regulations known as "fully
loaded" Basel III criteria. Santander has among the lowest ratios
of major European banks and investors are closely watching how it
builds capital.
Write to Jeannette Neumann at jeannette.neumann@wsj.com
(END) Dow Jones Newswires
April 26, 2017 01:40 ET (05:40 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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