Banco Santander Q3 Profit Down 75% - Quick Facts

(RTTNews) - Banco Santander S.A. (BNC.L, BSBR, SAN) reported that its attributable profit for the third quarter of 2019 was 501 million euros, down 75 percent from the year-ago period. Earnings per share for the quarter were 0.021 euros.

The latest quarter's results include charges of 1.63 billion euros, primarily relating to the UK goodwill impairment announced in September.

Profit before tax for the third quarter was up 3 percent year-over-year to 3.84 billion euros.

Underlying profit for the quarter increased to its highest level since the second quarter of 2010 to 2.14 billion euros, up 7 percent year-over-year. Underlying earnings per share were 0.121 euros.

Total income for the quarter rose 6 percent from the year-ago period to 12.47 billion euros.

"We have achieved the strongest underlying performance in almost a decade this quarter, building on the momentum from the first half of the year, despite some significant external headwinds. This reflects the strength of our model, and the progress we are making in leveraging the new regional organisational structure implemented in April," Banco Santander Group Executive Chairman, Ana Botín, said.

The Group confirmed in September that it will pay a first dividend against 2019 earnings of 0.10 euros per share from 1 November 2019, in line with its targeted dividend pay-out ratio of 40 percent to 50 percent of underlying attributable profit.

Looking ahead, Banco Santander said it was confident it will achieve its medium-term targets, including reaching a RoTE of 13 percent to 15 percent.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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