Santander Q4 net profit jumps to €1.06B


Banco Santander's (SAN) Q4 net profit more than doubled to €1.06B ($1.45B) but fell short of forecasts of €1.2B.

Net interest income dropped 11.6% to €6.28B.

Overall lending -7%, but strong in Latin America

Loan-loss provisions €2.4B, the lowest in eight quarters.

Non-performing loans 5.64% vs 4.54% a year earlier.

The IPO of Santander Consumer USA provides Santander with gain of €740M.

"After several years of strengthening the balance sheet and capital, Banco Santander is embarking on a period of strong profit growth in the coming years," says Chairman Emilio Botín.

Shares are -1.8% in Madrid. (PR)

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Comments (2)
  • SOLOM
    , contributor
    Comment (1) | Send Message
     
    The Santander´s results are good news for the bank and also for Spain.
    30 Jan 2014, 05:28 AM Reply Like
  • Strike
    , contributor
    Comments (2239) | Send Message
     
    ..... no to mention for its shareholders who are receiving an obscenely high annual dividend of around 10 % (and tax-free if obtained as SCRIP).
    30 Jan 2014, 08:06 AM Reply Like
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