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Santander posts 14 pct fall in Q3 net profit on Popular costs
October 26, 2017 / 5:11 AM / 2 months ago

Santander posts 14 pct fall in Q3 net profit on Popular costs

MADRID, Oct 26 (Reuters) - Banco Santander posted on Thursday a 14 percent decline in third-quarter net profit from a year earlier after being hit by restructuring costs of 515 million euros ($609 million) due mainly to the integration of Banco Popular.

Santander - which consolidate Banco Popular into its accounts for the entire third quarter after taking over the troubled Spanish lender in June - reported net profit of 1.46 billion euros in the period July to September.

Not including restructuring costs, underlying net profit in the quarter was up 17 percent boosted by a solid performance in its largest market, Brazil.

Spanish banks’ reporting season is being partially overshadowed by Catalonia’s independence drive and its potential fallout on financial markets.

Net interest income, a measure of earnings on loans minus deposit costs, was 8.7 billion euros, up 11.3 percent from the third quarter of last year. ($1 = 0.8557 euros) (Reporting By Jesús Aguado; Editing by Paul Day)

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