Santander 3Q Net Profit Surges, Beating Expectations
October 31 2018 - 2:45AM
Dow Jones News
By Pietro Lombardi
Banco Santander SA's (SAN.MC) third-quarter net profit grew
strongly from a year earlier, when it reported a number of one-off
charges.
Net profit for the period rose roughly 36% to 1.99 billion euros
($2.26 billion) from a year earlier, when the bank reported more
than EUR500 million in exceptional charges, including roughly
EUR300 million related to the integration of Banco Popular.
Third-quarter gross income fell about 4% to EUR11.72
billion.
Analysts had expected the bank to report a net profit of EUR1.93
billion on gross income of EUR11.48 billion, according to a
consensus forecast provided by FactSet.
Santander's Common Equity Tier 1 ratio, a key measure of
balance-sheet strength, stood at 11.11% at the end of September, up
from 10.80% in June.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
October 31, 2018 02:30 ET (06:30 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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