Banco Santander reported Q3 attributable profit of €3.432 billion and ordinary profit of €3.848 billion, compared with €3.518 billion and €3.768 billion, respectively, in Q2; non-recurring charges totaled €416 million, net of taxes and minority interests.
Attributable profit was €3.432 billion, down €86 million from €3.518 billion in Q2. Ordinary profit was €3.848 billion, up €80 million from €3.768 billion in the second quarter. The measures differ because Santander’s ordinary-profit figure excludes non-recurring items, while attributable profit represents earnings assigned to shareholders.
Santander’s Q3 financial report listed €416 million in non-recurring charges, net of taxes and minority interests. The charges included impairments on intangible assets and integration costs. The report put comparable charges at €250 million in Q2.
The bank attributed part of the increase in ordinary profit to cost management, contributions from Webster and the inclusion of a full quarter from TSB. Seasonal effects offset some growth when mergers and acquisitions were excluded. The bank reported EPS of €0.23.
The figures add a quarter-on-quarter breakdown to EconoTimes’ earlier coverage of Santander’s latest results. The bank’s results release scheduled payment of an interim cash dividend for Monday, Nov. 2.
