2Q18 results preview: Watch out for the CET 1 ratio!
2Q18e net profit to reach to €1.6bn Santander will release its 2Q18 results on Wednesday, July 25th. A webcast will be held at 10.00 am following this link: http://gsnetwave.santandergroup.net/1807PRANA/Disclaimer.aspx?ec=1807PRANA&ln=en&Q=0. We estimate that the net group profit may amount to €1.6bn, in line with the consensus figure. Net interest income may rise +0.1% qoq, to €8.5bn while net fees and gross income are expected to decline –0.2% qoq (to €2.9bn) and –2.7% qoq (to €11.8bn), respectively. Costs may fall –1.1%, to €5.7bn leading to a pre–provision profit of €6.1bn (–4.1% qoq). Cost of risk will be approximately 1% of loans (annualised) or €2.2bn and non–recurrent items would amount to €0.4bn. All in, profit before taxes may decline –5.7%, to €3.5bn, and underlying net group profit may post a –5.9% reduction, to €1.9bn. The bank will book the annual €300mn restructuring costs of Popular.
Bankinter S.A. is a Spanish brokerage firm established in 1989. The company's line of business includes the provision of market research and trading services for Equity and Fixed Income products.
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