Santander Q1’16 Net Profit Beats Expectations Despite FX Effect
Banco Santander S.A. (SAN) stock reached year maximums (+2.5% to €4.69) after the bank reported its Q1 results on Wednesday. Despite a 5% net profit decline in Q1 to €1.63bn (mostly due to the depreciation of various currencies against the euro), Spain’s largest bank by market value beat expectations.