Restructuring Costs Hit Santander 2Q -- Earnings Review
July 23 2019 - 6:17AM
Dow Jones News
By Pietro Lombardi
Banco Santander SA (SAN.MC) reported Tuesday its second-quarter
results. Here is what you need to know:
NET PROFIT: The Spanish bank's net profit for the period fell
18% on the year to 1.39 billion euros ($1.56 billion). Analysts had
expected the bank to report a net profit of EUR1.27 billion,
according to a consensus forecast provided by FactSet.
REVENUE: Total income rose 3% to EUR12.35 billion. This compares
with expectations of EUR12.17 billion.
WHAT WE WATCHED:
-RESTRUCTURING CHARGES: The bank reported a EUR706 million
charge in the quarter, most of which--EUR626 million--related to
restructuring costs in Spain and the U.K.
-CAPITAL: The bank's core Tier 1 ratio--a key measure of
balance-sheet strength--was 11.30% in June, compared with 11.23% at
the end of March.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
July 23, 2019 07:02 ET (11:02 GMT)
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