Santander 1Q Net Profit Rises 10% -- Earnings Review
April 24 2018 - 10:13AM
Dow Jones News
By Pietro Lombardi
Banco Santander SA (SAN.MC) reported first-quarter earnings
Tuesday. Santander, the first major Spanish bank to report its
first-quarter 2018 results, narrowly beat analysts expectations.
Here's what you need to know:
PROFIT: Santander's first-quarter net profit rose 10% to 2.05
billion euros ($2.51 billion), just ahead of the roughly EUR2.03
billion analysts expected, according to a consensus forecast
provided by FactSet.
GROSS INCOME: Santander's gross income of EUR12.15 billion is in
line with analysts' forecast of about EUR12.19 billion, according
to FactSet.
WHAT WE WATCHED:
REVENUE STREAMS: Net Interest income at EUR8.45 billion, rose
0.6% compared with the same period last year. Net fee income grew
3.9% to EUR2.96 billion. "Both net interest income and fees are in
line with consensus," Barclays said.
LATIN AMERICA: Santander's performance in Brazil, which makes up
more than a quarter of the bank's profits, is among the main
positives of the first-quarter results, UBS said. The bank reported
a 7% increase in net profit in the country, which stood at EUR677
million. UBS noted that core revenues increased 17% year-on-year,
supported by stronger loan growth and fee momentum. Net profit in
Mexico also rose 7% to EUR175 million.
CAPITAL RATIO: Santander's fully loaded CET1 ratio, a key
measure of capital strength, rose to 11% from 10.84% in December, a
strengthening that Barclays saw as "encouraging."
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
April 24, 2018 09:58 ET (13:58 GMT)
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