Santander 4Q Net Profit Beat Expectations as Capital Increased
January 29 2020 - 1:42AM
Dow Jones News
By Pietro Lombardi
Banco Santander SA's (SAN.MC) fourth-quarter net profit rose
significantly, beating expectations and helped by one-offs, with
the bank strengthening its capital position.
Net profit for the quarter rose 35% to 2.78 billion euros ($3.06
billion), the Spanish bank said Wednesday.
The results include EUR711 million capital gains, mostly related
to the agreement the bank reached with Credit Agricole SA (ACA.FR)
to combine their custody and asset-servicing operations.
On an underlying basis, net profit rose 2% on year.
Revenue for the quarter was EUR12.33 billion.
Analysts had expected net profit of EUR2.59 billion on revenue
of EUR12.38 billion, according to a consensus forecast provided by
FactSet.
For the full year, the bank reported net profit of EUR6.52
billion on revenue of EUR49.23 billion.
The bank's core tier 1 ratio, a key measure of balance-sheet
strength, was 11.65% at the end of December, compared with 11.30%
as of September.
"We are well on track to achieve our medium-term goals and
expect to deliver high single digit average annual earnings per
share growth over the next three years," Executive Chairman Ana
Botin said.
The bank proposed a second dividend for 2019, taking the total
dividend for the year to EUR0.23 a share, of which EUR0.20 will be
cash.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
January 29, 2020 01:27 ET (06:27 GMT)
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