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Santander wins 3.752 billion, 4% more until June, with a charge of 300 million for the Popular

Brazil becomes the lung of the group with 26% of the benefit, obtaining 1.324 billion in six months

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Santander wins 3.752 billion, 4% more until June, with a charge of 300 million for the Popular

Santander obtained a profit attributed to 3.752 billion euros in first half of 2018, which implies an increase of 4% over same period of previous year, after registering a charge of 300 million euros for integration costs of Banco Popular , as reported on Wednesday entity to National Securities Market Commission (CNMV).

The bank chaired by Ana Botin already advanced to Popular purchase in June 2017 which estimated to record charges of 300 million euros annually linked to its integration up to 2019. Likewise, charges arising from integration led entity to earn 3% less in second quarter of year, up to 1.698 billion euros. In Spain attributed profit fell 20%, until 500 million, for charge of 280 million of Popular, according to bank. Without it, result would have increased by 25%. Rodrigo Echenique, president of Popular, commented days ago in Congress that group will claim 1 billion for tax credits (exemption in payment of taxes) to state by exercise of 2017 on occasion of integration of this entity.

Brazil is more and more part of group's earnings. Until June it accounts for 26% of total, with an increase of result of 6%, when obtaining 1.324 billion euros, "due to strong growth of business volumes, with a double digit rise of credit and resources", says entity.

In United Kingdom profit fell by 20%, until 692 million, "affected by a very competitive environment that pressed revenues and costs increased by greater investments in digital transformation", according to Santander. The consumer banking unit, Santander Consumer, achieved 669 million, 5.5% more, for increase in loans, while Mexico contributed 359 million, 2.5% more, and United States 335 million, a 37.5% increase over first half of 2017.

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The margin of interest decreased by 0.5% in first half of 2018, up to 16,931,000,000 euros, while gross margin grew 0.3%, up to 24,162,000,000 euros.

The Cantabrian bank has emphasized that geographic diversification, with a "balanced presence" between mature and emerging markets, "remains one of its main strengths." In this sense, ordinary benefit attributed increased by eight of ten main markets in constant euros in first semester. Brazil contributed 26% to group's benefit, followed by Spain (15%) and Reno Unido (14%).

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  • Santander to claim this year 1 billion in tax credits by Popular


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