Santander attributed net profit falls by -10% to € 1.840bn in 1Q19

Banco SantanderAna Botín, Santander Group executive chairman

Banco Santander revealed its 1Q19 numbers. Intermediation margin (NII or margin of interest) € 8.68 + 3% yoy <€ 8.75 bn € e cons. Attributed net profit is 1.84 bn € -10.41% yoy against the 1.83 bn € estimated by the consensus, after a net charge of € 108 M for restructuring costs in the United Kingdom and Poland and assets sale. Ordinary profit has grown in seven of its ten main markets.

Regarding solvency, the fully-loaded CET1 ratio remains at 11.25% vs 11.3% qoq. As for delinquency rate, bad loans ratio drops to 3.62% vs. 3.73% in 4Q18. Geographically we highlight the good momentum in Brazil and Mexico, with growth in the US. They have shown confidence in achieving medium-term objectives.

Besides, Santander yesterday called union forces to a meeting on May 6 to publicize the business restructuring plans that the entity has planned, including a dismissal program for more than 3,000 workers.

In addition, the bank partnered with Microsoft as a preferred strategic provider of cloud services to facilitate the digital transformation of the bank.

 

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