Santander 3Q Net Profit Fell, Hit by U.K. Charge
October 30 2019 - 2:39AM
Dow Jones News
By Pietro Lombardi and Carlo Martuscelli
Banco Santander SA (SAN.MC) said Wednesday that third-quarter
net profit fell sharply as it reported a 1.49 billion-euro ($1.65
billion) charge related to its U.K. business, which has been hit by
Brexit and regulatory changes.
Net profit for the period fell 75% to EUR501 million, the
Spanish bank said. Total income rose 6% to EUR12.47 billion.
The lender had said previously that the charge was mostly due to
a challenging regulatory environment, such as the negative impact
of "ringfencing" rules, under which U.K. lenders must separate
retail banking from riskier investment-banking operations. Another
EUR103 million charge was booked on missold payment protection
insurance.
The bank's core Tier 1 ratio--a key measure of balance-sheet
strength--was 11.30% in September, unchanged from the end of
June.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com and
Carlo Martuscelli at carlo.martuscelli@dowjones.com
(END) Dow Jones Newswires
October 30, 2019 02:24 ET (06:24 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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