Santander 2Q Net Profit Fell on Restructuring Costs
July 23 2019 - 1:40AM
Dow Jones News
By Pietro Lombardi
Banco Santander SA's (SAN.MC) second-quarter net profit fell
significantly, hit by restructuring costs.
Net profit for the period fell 18% on the year to 1.39 billion
euros ($1.56 billion), the Spanish bank said Tuesday.
Total income rose 3% to EUR12.35 billion.
Analysts had expected the bank to report a net profit of EUR1.27
billion on revenue of EUR12.17 billion, according to a consensus
forecast provided by FactSet.
Santander, one of Europe's largest lenders, reported a EUR706
million charge in the quarter, most of which related to
restructuring costs in Spain and the U.K..
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 01:25 ET (05:25 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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