Santander Boosts Profit
October 29 2015 - 1:41AM
Dow Jones News
By Jeannette Neumann
MADRID-- Banco Santander SA on Thursday said third-quarter net
profit rose to EUR1.68 billion ($1.86 billion) from EUR1.6 billion
reported a year earlier.
Analysts had forecast net profit of EUR1.7 billion according to
a poll by data provider FactSet.
The bank, the eurozone's largest by market value, said net
interest income was EUR7.98 billion compared with EUR7.5 billion in
the third quarter of 2014.
Net interest income, a key driver of revenue for retail banks
such as Santander, is the difference between what lenders pay
clients for deposits and charge for loans.
Analysts polled by FactSet forecast net interest income of
EUR7.9 billion.
Spanish banks have faced sluggish demand from borrowers and
falling yields on the loans they are issuing.
Santander's net interest income also came under pressure from
costs related to a new higher interest checking account.
A decline in Brazil's currency against the euro during the past
year also hampered Santander's third-quarter earnings. The bank's
unit in Brazil contributes around 20% to the lender's profit,
second only to its U.K. unit.
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 02:26 ET (06:26 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
Banco Santander (NYSE:SAN)
Historical Stock Chart
From Apr 2024 to May 2024
Banco Santander (NYSE:SAN)
Historical Stock Chart
From May 2023 to May 2024