SAN Banco Santander SA

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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