Santander: profit halves on UK goodwill impairment
(CercleFinance.com) - Santander, the euro zone's fourth biggest bank, said on Wednesday that its nine-month profit halved after it booked charges relating to UK goodwill impairment and restructuring costs.
The bank reported net profit of 3.7 billion euros for the first nine months of the year, down 35% year-on-year, after booking charges of over 2.4 billion euros.
Excluding these charges, Santander achieved the strongest underlying performance in almost a decade over the quarter, with profit of 6.2 billion euros in the first nine months of 2019, up 2%.
In the first nine months of the year, it generated total revenues of 36.9 billion euros as the bank added almost six million additional customers since the third quarter of 2018.
Santander now serves 144 million customers in all, more than any other bank in Europe and the Americas.
In its statement, the group said that it was "confident" that it will achieve its medium-term targets, including reaching an underlying return on tangible equity (RoTE), a key measure of profitability, of 13-15%.
Its shares are currently trading 3.5% lower at under 3.9 euros, underperforming the blue-chip IBEX index, which is down 1.3%.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The bank reported net profit of 3.7 billion euros for the first nine months of the year, down 35% year-on-year, after booking charges of over 2.4 billion euros.
Excluding these charges, Santander achieved the strongest underlying performance in almost a decade over the quarter, with profit of 6.2 billion euros in the first nine months of 2019, up 2%.
In the first nine months of the year, it generated total revenues of 36.9 billion euros as the bank added almost six million additional customers since the third quarter of 2018.
Santander now serves 144 million customers in all, more than any other bank in Europe and the Americas.
In its statement, the group said that it was "confident" that it will achieve its medium-term targets, including reaching an underlying return on tangible equity (RoTE), a key measure of profitability, of 13-15%.
Its shares are currently trading 3.5% lower at under 3.9 euros, underperforming the blue-chip IBEX index, which is down 1.3%.
Copyright (c) 2019 CercleFinance.com. All rights reserved.