Santander 4Q17 results: Meeting targets due to the strong operating trends
4Q17 net profit: €1.5bn
Santander obtained €1.5bn (–3.5% yoy and +5.4% qoq) net profit in 4Q17 after deducting €382mn of non–recurrent charges. This figure surpassed by +11.7% the consensus estimates but only +2.2% our own forecasts (included in our report The Spanish banks: Good–bye 2017, welcome IFRS 9, 25 Jan 2018). All in, 2017 net profit amounted to €6.6bn (+6.7%). The overall impact of Banco Popular was just –€37mn.
Banco Santander is a holding company, providing a range of financial products. Co.'s products and services include: retail banking business that covers all customer banking businesses; wholesale banking business; as well as asset management and insurance business. Co.'s principal operations are in Spain, the U.K., Portugal, Germany, Italy and Latin America. As of Dec 31 2014, Co.'s total assets amounted to Euro1,266,296,000,000 and total customer deposits amounted to Euro647,627,000,000.
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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