Renta 4 | Spain’s big banks H2 results expected to be weaker.
Spain’s top five banks posted a combined net profit of 7.989 billion euros in the first half of 2015, up 48 percent from a year earlier, thanks to the improving economic situation and a decline in bad loans provisions.
Spain’s biggest bank released its 2Q2015 results on Thursday, showing a 24% rise in net attributable profit to EUR 3.426 billion in the first half from a year earlier. All of Santander’s ten core markets posted an increase in profits, with the three largest, Spain, the United Kingdom and Brazil, registering particularly significant rises.
MADRID | April 8, 2015 | By Fernando G. Urbaneja | Earlier this year, Santander announced a capital increase of €7 billion through an accelerated book building offer to institutional investors at a 12% discount on the traded share price, which was between €6-€7. Within hours, the new shares were sold and existing shareholders were left as bystanders once they had authorised the board to waive their preferential subscription rights.
MADRID | March 30, 2015 | By Nuria Álvarez, at Renta 4 | Strong gains to remain challenging in the year ahead as banking environment undergoes sectoral changes.
MADRID | March 16, 2015 | By Fernando G. Urbaneja | The hardest hit stock on the Ibex 35 last week was Sabadell bank, with the lender losing 7% of its valuation after news emerged of a pending takeover bid for British bank TSB.
MADRID | March 13, 2015 | By JP Marín Arrese | The quantitative test conducted under the Dodd-Frank Act showed a comfortable capital cushion for all eligible banks. Yet both Santander and Deustche Bank subsidiaries blatantly failed the qualitative review undertaken by the Fed under the Comprehensive Capital Analysis and Review (CCAR). In short, the banking supervisor considered their capital plans and risk management to be utterly inconsistent. It has delivered a damaging blow that should prompt swift action to redress such an appalling outcome. Santander has already announced a major overhaul in its US banking arm, but the Group as a whole badly needs to address its failures.
MADRID | By J.P. Marín Arrese | Santander´s management has provided little explanation for the huge 10% capital increase launched last week. The official announcement vaguely notes the need to seize new opportunities when economic prospects are improving. Can we bet on such a promising outlook when so many uncertainties prevail in Europe? It doesn’t seem very convincing. Rumours on potential take-overs also seem rather odd, as raising cash before entering a bid will only serve to increase the final bill. It makes more sense to gauge this move as a means aimed at buttressing the bank´s own funds.
MADRID | The Corner | The stock listing of Santander, Spain and the euro zone´s largest bank was provisionally suspended on Thursday ahead of the imminent approval of a capital increase of €7Bn. When trading was suspended, shares were priced at €6.85, a rebound of 3.31%.
MADRID | The Corner | Banco Santander CEO Javier Marín will leave eurozone’s largest lender after only two years in the role. Ana Botín, in charge of the bank after her father Emilio Botín died in September, announced Marín’s replacement by Jose Antonio Álvarez, who has spent the past decade as CFO. Ana Botín also made several changes to its board of directors. Shares in Santander rose 1.8% to 7.22 euros in Madrid following the announcement.