Santander’s capital generation


Santander’s Q3 Results: Brazil and capital remain in focus

BARCLAYS | Although Q3 numbers were in line with expectations we remain cautious on the outlook, particularly in Brazil but with the other major geographies of Spain and the UK also facing earnings headwinds. In addition, limited capital generation in the quarter reaffirms our view that Santander’s weak capital position is a hindrance to a re -rating of the shares.