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Jan. 29, 2020, 1:54 a.m. EST

Santander profit beats expectations as capital increased

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By Pietro Lombardi


Getty Images
A general view of the Banco Santander Headquarters on May 18, 2012 in London, England.

Banco Santander SA’s fourth-quarter net profit rose significantly, beating expectations and helped by one-offs, with the bank strengthening its capital position.

Net profit for the quarter rose 35% to 2.78 billion euros ($3.06 billion), the Spanish bank /zigman2/quotes/202859081/composite SAN -1.09%   /zigman2/quotes/205677933/delayed ES:SAN +2.50%  said Wednesday.

The results include EUR711 million capital gains, mostly related to the agreement the bank reached with Credit Agricole SA (ACA.FR) to combine their custody and asset-servicing operations.

On an underlying basis, net profit rose 2% on year.

Revenue for the quarter was EUR12.33 billion.

Analysts had expected net profit of EUR2.59 billion on revenue of EUR12.38 billion, according to a consensus forecast provided by FactSet.

For the full year, the bank reported net profit of EUR6.52 billion on revenue of EUR49.23 billion.

The bank’s core tier 1 ratio, a key measure of balance-sheet strength, was 11.65% at the end of December, compared with 11.30% as of September.

“We are well on track to achieve our medium-term goals and expect to deliver high single digit average annual earnings per share growth over the next three years,” Executive Chairman Ana Botin said.

The bank proposed a second dividend for 2019, taking the total dividend for the year to EUR0.23 a share, of which EUR0.20 will be cash.

/zigman2/quotes/202859081/composite
US : U.S.: NYSE
$ 3.64
-0.04 -1.09%
Volume: 8.00M
March 8, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
2.49%
Market Cap
$61.51 billion
Rev. per Employee
N/A
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/zigman2/quotes/205677933/delayed
ES : Spain: Madrid
3.05
+0.07 +2.50%
Volume: 51.35M
March 8, 2021 5:38p
P/E Ratio
N/A
Dividend Yield
0.73%
Market Cap
€51.65 billion
Rev. per Employee
N/A
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