Santander 4Q Net Profit Beat Expectations

   By Pietro Lombardi 
 

Banco Santander SA (SAN.MC) closed 2018 with a profit beat as fourth-quarter net profit topped expectations.

Net profit for the period rose 34% on year to 2.07 billion euros ($2.37 billion), the Spanish lender said Wednesday.

Gross income, Santander's top line, rose 4% to EUR12.54 billion.

Analysts had expected a net profit of EUR1.94 billion on gross income of EUR12.17 billion, according to a consensus forecast provided by FactSet.

For the full year, the bank reported net profit of EUR7.81 billion on gross income of EUR48.42 billion.

Santander's common equity Tier 1 ratio, a key measure of balance-sheet strength, was 11.3% at the end of December from 11.1% as of September.

"2018 has been an excellent year for the group. We have successfully completed our three-year strategic plan," Executive Chairman Ana Botin said.

"Latin America has remained an important engine for growth within the Group, with especially strong progress in Brazil and Mexico," she said.

The bank has achieved its 2018 targets. These included a double-digit growth in EPS, a core tier 1 ratio above 11% and a return on tangible equity--a key measure of profitability--above 11.5%.

Write to Pietro Lombardi at [e-mail]

(END) Dow Jones Newswires

January 30, 2019 01:18 ET (06:18 GMT)

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