Santander 1Q Net Profit Falls 5% on Year on Weaker Lending Income
April 27 2016 - 1:46AM
Dow Jones News
By Jeannette Neumann
MADRID--Banco Santander SA (SAN) on Wednesday reported a 5%
decline in first-quarter net profit from the year-earlier period to
EUR1.63 billion ($1.84 billion) on weaker lending income.
Analysts had anticipated Santander would report net profit of
EUR1.5 billion in the first quarter, according to a poll by data
provider FactSet.
The bank, led by Executive Chairman Ana Botin, said net interest
income was EUR7.62 billion compared with EUR8.04 billion in the
first quarter of 2015.
Net interest income, a key driver of revenue for retail banks
like Santander, is the difference between what lenders pay clients
for deposits and charge for loans.
Analysts had estimated Santander would report net interest
income of EUR7.63 billion in the first quarter, according to
FactSet.
Write to Jeannette Neumann at jeannette.neumann@wsj.com
(END) Dow Jones Newswires
April 27, 2016 01:31 ET (05:31 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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