Banco Santander 3Q Net Profit Falls
October 26 2017 - 12:50AM
Dow Jones News
By Marc Bisbal Arias
Banco Santander (SAN.MC) said Thursday that its third-quarter
net profit fell compared with a year earlier, despite net interest
income increasing on year.
The company said net income was 1.46 billion euros ($1.73
billion), compared with EUR1.70 billion a year earlier. Net
interest income, the difference between what banks earn from
interest and the interests paid to lenders, was EUR8.68 billion,
compared with EUR7.80 billion in the year-ago period.
The Spanish bank's fully-loaded common equity tier 1 ratio, a
key measure of capital strength for banks, grew to 10.80% from
10.47% in the year-earlier period.
"Our business has delivered another solid quarter of results -
with positive trends and further improvements in earnings quality
across all of the markets in which we operate," Executive Chairman
Ana Botin said.
Specifically, Ms. Botin said that Latin American franchises
continued to perform well, showing growth in customer numbers and
lending, as well as further improvements in credit quality. In
Europe, the business also performed strongly despite market
challenges in the region, she said.
"We see significant potential for further profitable growth
across our business and remain confident that we will meet all
commercial and financial targets, including delivering double digit
EPS growth by 2018," she added.
Write to Marc Bisbal Arias at marc.bisbalarias@dowjones.com
(END) Dow Jones Newswires
October 26, 2017 01:35 ET (05:35 GMT)
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