Santander 4Q Net Profit Decline Hit By One-Offs
January 31 2018 - 1:55AM
Dow Jones News
By Pietro Lombardi
Banco Santander (SAN.MC) said Wednesday that its fourth-quarter
net profit fell slightly compared with the year earlier, hit by
one-off items.
The company said net income declined 4% compared with the same
period last year to 1.54 billion euros ($1.91 billion).
Exceptional items weighed on the results, as analysts had
expected. Santander reported a EUR382 million net charge for gains
and provisions. These include a goodwill impairment of about EUR500
million that the bank announced in November related to the review
of the group's investment in Santander Consumer USA Holdings Inc
(SC).
For the full year, net profit increased by 7% to EUR6.62
billion, Santander said.
"The group's focus on earning customer loyalty, combined with
the great execution of our teams, has allowed us to generate a 20%
increase in underlying profit before tax," Executive Chairman Ana
Botin said.
"Throughout the year we have seen strong growth in Latin
America," she said, adding that she is confident the bank will
achieve its 2018 targets.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
January 31, 2018 01:40 ET (06:40 GMT)
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