Santander Capital Rose as 4Q Profit Beat Expectations -- Earnings Review
January 29 2020 - 3:30AM
Dow Jones News
By Pietro Lombardi
Banco Santander SA (SAN.MC) reported fourth-quarter results on
Wednesday. Here is what you need to know.
NET PROFIT: Quarterly net profit rose above expectations, helped
by capital gains. The Spanish bank's bottom line grew 35% to 2.78
billion euros ($3.06 billion), topping expectations of EUR2.59
billion, according to a consensus forecast provided by FactSet. On
underlying basis, profit grew 2%.
REVENUE: The lender had quarterly revenue of EUR12.33 billion.
This compares with expectations of EUR12.38 billion, according to
FactSet.
WHAT WE WATCHED:
-ONE-OFFS: Fourth-quarter results included capital gains of
EUR711 million. Of these, EUR693 million were related to the
agreement the bank reached with Credit Agricole SA (ACA.FR) to
combine their custody and asset-servicing operations, which closed
in December.
-REVENUE STREAMS: Net interest income fell 2.4% on year to
EUR8.84 billion, while fees were slightly up.
-CAPITAL: The bank's core Tier 1 ratio, a key measure of
balance-sheet strength, rose to 11.65% at the end of December from
11.30% as of September.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
January 29, 2020 03:15 ET (08:15 GMT)
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