Santander 1Q Net Profit Fell 10% -- Earnings Review

By Pietro Lombardi

Banco Santander SA (SAN.MC) reported results for the first quarter on Tuesday. Here's what you need to know:

NET PROFIT: Net profit for the period fell 10% to 1.84 billion euros ($2.05 billion). This compares with analysts' expectations of EUR1.83 billion, according to a consensus forecast provided by FactSet.

REVENUE: Total income fell 1% to EUR12.09 billion, compared with analysts' expectations of EUR12.14 billion.

WHAT WE WATCHED:

-ONE-OFFS: Costs related to asset sales and restructuring in the U.K. and Poland, as well as high inflation in Argentina, hit the bank's results. Santander reported a EUR108 million charge related to restructuring and disposals.

-DIVISIONS: The bank delivered a "mixed set of results, with momentum in Latin America largely offset" by the performance of its operations in Spain and the U.K., Jefferies said.

-CAPITAL: Santander's common equity Tier 1 ratio, a key measure of balance-sheet strength, was 11.25% at the end of March, slightly down from 11.3% in December.

Write to Pietro Lombardi at [e-mail]

(END) Dow Jones Newswires

April 30, 2019 06:06 ET (10:06 GMT)

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