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Name | Symbol | Market | Type |
---|---|---|---|
Banco Santander SA | NYSE:SAN | NYSE | Depository Receipt |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.07 | 1.46% | 4.87 | 4.89 | 4.82 | 4.85 | 3,063,652 | 01:00:00 |
By Jeannette Neumann
MADRID-- Banco Santander SA on Thursday reported a 5% rise in third-quarter profit on stronger lending income and slightly lower loan-loss provisions.
The bank said net profit for the quarter was EUR1.68 billion ($1.86 billion), roughly in line with analysts' expectations of EUR1.7 billion, according to a poll by data provider FactSet.
Profit increased in Santander's U.K., Brazilian and Spanish businesses.
"We view the economic situation as improving in the majority of our core markets," said Santander's executive chairman Ana Botín.
Santander, the eurozone's largest bank by market value, said net interest income was EUR7.98 billion, up from EUR7.5 billion in the same period last year, roughly in line with analysts' forecasts of EUR7.9 billion. Net interest income, a key driver of revenue for retail banks, is the difference between what lenders pay clients for deposits and charge for loans.
Santander reported a "fully loaded" capital ratio of 9.85%, a sliver higher than in the second quarter. Investors and analysts are closely watching the pace at which Santander is able to generate capital. Despite a hefty capital increase in January, the lender's financial cushion remains below its European banking peers.
Net profit in Santander's U.K. unit was up 18% at EUR480 million in the third quarter on stronger lending income and lower loan loss provisions. Loans to clients were up in the first nine months of this year compared with a year ago.
Profit at Santander's Brazil unit rose to EUR385 million from EUR376 million on lower loan loss provisions. Net interest income fell to EUR1.98 billion from EUR2.25 billion.
Accounted for in the Brazilian real, net profit and net interest income both rose strongly during the third quarter.
Santander's Spanish business reported third-quarter net profit of EUR311 million, up from EUR252 million a year earlier on sharply lower loan loss provisions. But net interest income fell nearly 8% during that period. Net interest income also fell 2.2% in the third quarter from the second quarter.
Investors and analysts had expected a decline in that key profitability figure. Its Spain unit, like other Spanish banks, faces sluggish borrowing demand and falling yields on the loans they are issuing.
Investors and analysts also had expected Santander's net interest income in its Spain unit to take a slight hit from the expense of funding a new, higher interest checking account.
Write to Jeannette Neumann at jeannette.neumann@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
October 29, 2015 03:34 ET (07:34 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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