Santander: profits jump with Popular's consolidation.
(CercleFinance.com) - Santander reported a sharp rise in second-quarter profits on Tuesday and said integration of Banco Popular was going smoothly.
The bank's net profit in the second quarter of the year increased 37 per cent to 1.75 billion euros, beating analysts' forecasts by 2 per cent.
Now under the direction of Ana Botin, Spain's largest bank by market value said the performance included an 11-million-euro contribution from Banco Popular, which was acquired on 7 June.
"The business has seen positive trends across all markets with particularly strong growth in Latin America, further improvements in Spain, and robust performance in the UK despite the ongoing challenges," said Ana Botin.
The bank remains committed to meeting its financial targets for 2018 and says it is "extremely confident" that the acquisition of Popular will deliver a return on investment of 13-14% by 2019.
"We expect positive market reaction given supportive earnings mix, with no obvious weakness areas, and no negative surprises in Popular's consolidation," commented analysts at UBS in a reaction note.
In contrast, the shares were losing 0.8 per cent at 5.76 euros this morning in Madrid, dragged down by the European banking sector which is currently down 1.1 per cent after UBS quarterly results.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
The bank's net profit in the second quarter of the year increased 37 per cent to 1.75 billion euros, beating analysts' forecasts by 2 per cent.
Now under the direction of Ana Botin, Spain's largest bank by market value said the performance included an 11-million-euro contribution from Banco Popular, which was acquired on 7 June.
"The business has seen positive trends across all markets with particularly strong growth in Latin America, further improvements in Spain, and robust performance in the UK despite the ongoing challenges," said Ana Botin.
The bank remains committed to meeting its financial targets for 2018 and says it is "extremely confident" that the acquisition of Popular will deliver a return on investment of 13-14% by 2019.
"We expect positive market reaction given supportive earnings mix, with no obvious weakness areas, and no negative surprises in Popular's consolidation," commented analysts at UBS in a reaction note.
In contrast, the shares were losing 0.8 per cent at 5.76 euros this morning in Madrid, dragged down by the European banking sector which is currently down 1.1 per cent after UBS quarterly results.
Copyright (c) 2017 CercleFinance.com. All rights reserved.