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Santander profit jumps on lower debt set-aside : Report


MADRID
Banco Santander SA Tuesday said its profit rose sharply in the second quarter, as the Spanish lender set aside less cash to cover bad debts at home, offsetting a weaker performance at its Latin American business
The bank, the largest in the euro zone by market value, said net profit was 1.05 billion euros ($1.39 billion) in the quarter, compared with EUR123 million a year earlier
The number was in line with analysts' expectations
Net interest income--the difference between what a bank receives in lending income and what it pays to fund itself--fell 12% to EUR6.72 billion, also in line with market expectations
"Profits rose after more than two years of high levels of write-offs and reinforcement of capital," Santander Chairman Emilio Botin said in a press release
"We are preparing for a new period of profit growth."
Profit in the first six months was EUR2.26 billion, up 29% compared with a year earlier
Lenders, including Santander, had to assume big loan losses on their real-estate portfolio last year, leading many banks to report a loss at their Spanish operations
The Spanish commercial bank, which has a vast network of branches in Latin America, large units in the U.K. and Poland, as well as growing franchises in Germany and the U.S., said its results reflected low economic growth and historically low interest rates in Europe and the U.S. and declining interest rates in Latin America and Poland
In the first half, Santander said its profit from Continental Europe was EUR557 million, recovering from a loss last year of EUR1.21 billion, due to lower provisions and write-offs
That improvement was offset by weakness in Latin America, where profits fell 16% on the year in the first half, to EUR1.86 billion
Economic growth in Brazil and elsewhere in the region has been weaker recently, and results were also hit by a weaker Brazilian real and U.S. dollar.
At Santander's U.K. and U.S. units, profit fell 9.2% and 6.7% respectively, to EUR487 million and EUR423 million, the bank said
Santander also said it had complied with a change in criteria at the Bank of Spain for how to classify refinanced loans, earmarking EUR340 million in existing provisions to cover potential losses on EUR2 billion worth of these loans
Santander's overall loan loss provisions dropped to EUR3.07 billion in the second quarter from EUR3.40 billion a year earlier

2 comentarios:

El Genio dijo...

MADRID--Banco Bilbao Vizcaya Argentaria SA said its second-quarter net profit more than doubled as the bank set aside a lower amount of cash to cover loan losses in Spain, and as it booked gains from the sale of two pension managers in Latin America.

Net profit rose to 1.15 billion euros ($1.53 billion) in the quarter from EUR505 million the same period a year earlier, BBVA said in a release. The number was slightly higher than analyst expectations for profit of EUR1.08 billion.

Results were boosted by a gain of just under EUR471 million on the sale of pension assets in Colombia and Peru, and BBVA also benefited from growing lending activity in South America, and to a lesser extent in Mexico.

Business in Spain remained weak and was also hit by costs associated with the elimination of interest rate floors on mortgages, but the bank also said it was gaining market share and benefited from lower deposit costs.

Overall net interest income fell slightly to EUR3.68 billion from EUR3.74 billion a year earlier, also slightly ahead of market expectations. Fee income rose 6% to EUR1.13 billion.

In the first half, BBVA said its net profit was up 91% to EUR2.88 billion.

El Genio dijo...

Nomura rebaja el precio objetivo de Santander de 5,1 a 4,7 euros
Nomura mantiene en infraponderar