Banco Santander Net Profit Fell 10% in 1st Quarter

   By Pietro Lombardi

Banco Santander SA's (SAN.MC) net profit fell 10% in the first quarter after the bank reported a charge related to restructuring costs in the U.K. and Poland, asset sales and disposals.

Net profit for the first three months of the year fell to 1.84 billion euros ($2.05 billion), the Spanish bank said Tuesday, after it reported a EUR108 million charge related to restructuring and disposals.

Total income fell 1% to EUR12.09 billion.

Analysts had expected the bank to post a net profit of EUR1.83 billion and total income of EUR12.14 billion, according to a consensus forecast provided by FactSet.

Santander's common equity Tier 1 ratio, a key measure of balance-sheet strength, was 11.25% at the end of March, slightly down from 11.3% in December.

"Underlying profit has increased in seven of our 10 core markets, with the U.S. our fastest-growing market again, increasing attributable profit by 46% year-on-year, while Brazil and Mexico are maintaining the positive momentum established in recent years," Executive Chairman Ana Botin said.

"This has been achieved despite a difficult operating environment, particularly in the U.K. and Europe," she said.

Write to Pietro Lombardi at pietro.lombardi@dowjones.com

(END) Dow Jones Newswires

April 30, 2019 01:18 ET (05:18 GMT)

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