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Santander 2Q Net Profit Fell on Restructuring Costs

   By Pietro Lombardi 
 

Banco Santander SA's (SAN.MC) second-quarter net profit fell significantly, hit by restructuring costs.

Net profit for the period fell 18% on the year to 1.39 billion euros ($1.56 billion), the Spanish bank said Tuesday.

Total income rose 3% to EUR12.35 billion.

Analysts had expected the bank to report a net profit of EUR1.27 billion on revenue of EUR12.17 billion, according to a consensus forecast provided by FactSet.

Santander, one of Europe's largest lenders, reported a EUR706 million charge in the quarter, most of which related to restructuring costs in Spain and the U.K..

The bank's core Tier 1 ratio--a key measure of balance-sheet strength--was 11.30% in June, compared with 11.23% at the end of March.

 

Write to Pietro Lombardi at pietro.lombardi@dowjones.com

 

(END) Dow Jones Newswires

July 23, 2019 01:25 ET (05:25 GMT)

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