Santander 4Q Net Profit Decline Hit By One-Offs

By FeaturesDow Jones Newswires

Banco Santander (SAN.MC) said Wednesday that its fourth-quarter net profit fell slightly compared with the year earlier, hit by one-off items.

The company said net income declined 4% compared with the same period last year to 1.54 billion euros ($1.91 billion).

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Exceptional items weighed on the results, as analysts had expected. Santander reported a EUR382 million net charge for gains and provisions. These include a goodwill impairment of about EUR500 million that the bank announced in November related to the review of the group's investment in Santander Consumer USA Holdings Inc (SC).

For the full year, net profit increased by 7% to EUR6.62 billion, Santander said.

"The group's focus on earning customer loyalty, combined with the great execution of our teams, has allowed us to generate a 20% increase in underlying profit before tax," Executive Chairman Ana Botin said.

"Throughout the year we have seen strong growth in Latin America," she said, adding that she is confident the bank will achieve its 2018 targets.

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

(END) Dow Jones Newswires

January 31, 2018 01:40 ET (06:40 GMT)

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