Santander Earnings Hurt By Charge Tied to U.K. Unit -- WSJ
October 31 2019 - 3:02AM
Dow Jones News
By Pietro Lombardi and Carlo Martuscelli
This article is being republished as part of our daily
reproduction of WSJ.com articles that also appeared in the U.S.
print edition of The Wall Street Journal (October 31, 2019).
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 31, 2019 02:47 ET (06:47 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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