Reuters logo
Santander 2013 profits miss forecasts
January 30, 2014 / 7:17 AM / in 4 years

Santander 2013 profits miss forecasts

MADRID, Jan 30 (Reuters) - Santander, the euro zone’s biggest bank, on Thursday fell short of analysts’ expectations as it posted a net profit of 4.37 billion euros ($5.96 billion) for 2013, nearly double what it earned the year before as charges on soured real estate exposures fell.

The Spanish bank said net interest income - what it makes on loans minus funding costs - was down 13.3 percent compared to 2012 at 25.94 billion euros, below expectations.

In the fourth quarter, Santander said profit rose slightly, up 0.4 percent from a year ago to 1.06 billion euros.

The bank said it was starting a “new era” of strong profit growth after several years of efforts to strengthen its balance sheet and capital. ($1 = 0.7329 euros) (Reporting by Sarah White; Editing by Tracy Rucinski)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below