Santander: second-quarter profit hit by integration charge
(CercleFinance.com) - Spain's Banco Santander on Wednesday posted a slight drop in second-quarter net profit from a year earlier, due to an integration charge and strong currency headwinds.
Europe's second biggest bank by market value behind HSBC said attributable profit fell 3% year-on-year to 1.7 billion euros, impacted by a charge of 300 million euros, primarily relating to planned integration costs for Banco Popular.
Excluding non-recurrent items and currency movements, underlying profit in the second quarter was up 28% compared to the same period of last year, at 2 billion euros.
The bank said it has attracted 3 million customers in the last twelve months, with the number of loyal customers (people who see Santander as their main bank) up 17% to 19 million.
The group said it remains one of the most profitable banks among its peers, with an underlying return on tangible equity (ROTE), a key measure of profitability, of 12.2%.
Another positive, Santander remains on track to grow earnings per share by double digits in 2018.
The shares were up 0.4 percent at 4.75 euros in Madrid after these results.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
Europe's second biggest bank by market value behind HSBC said attributable profit fell 3% year-on-year to 1.7 billion euros, impacted by a charge of 300 million euros, primarily relating to planned integration costs for Banco Popular.
Excluding non-recurrent items and currency movements, underlying profit in the second quarter was up 28% compared to the same period of last year, at 2 billion euros.
The bank said it has attracted 3 million customers in the last twelve months, with the number of loyal customers (people who see Santander as their main bank) up 17% to 19 million.
The group said it remains one of the most profitable banks among its peers, with an underlying return on tangible equity (ROTE), a key measure of profitability, of 12.2%.
Another positive, Santander remains on track to grow earnings per share by double digits in 2018.
The shares were up 0.4 percent at 4.75 euros in Madrid after these results.
Copyright (c) 2018 CercleFinance.com. All rights reserved.