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Banco Santander higher after beating estimates

Apr. 27, 2016 9:04 AM ETBanco Santander, S.A. (SAN) StockSANBy: Stephen Alpher, SA News Editor5 Comments
  • Net profit in Q1 of €1.63B fell nearly 5% from a year ago, particularly thanks to the recession and sliding currency in Brazil (the bank's 2nd-largest market), but nevertheless topped consensus forecasts.
  • The lender did report a pleasing increase in its capital ratio to 10.27% from 10.05% three months earlier. That still puts it well below the average CET1 ratio for Europe's largest 23 banks of 12.7%. Santander says it's on track to get north of 11% by 2018, but the team at UBS expects the bank to meet that target a year ahead of schedule.
  • The U.K. is Santander's largest market, and profit there fell nearly 4% for the quarter, with part of that coming from the slide in the pound. Turning back to Brazil, profit there fell 25%, but analysts note loan loss provisions in Q1 fell from Q4 when measured in reals. "The lack of a deterioration in Brazil and good capital generation should be supportive of performance in the short term,” says KBW's Daragh Quinn.
  • SAN +1.7% premarket

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