Santander Posts Solid 3Q 2018 Results Driven by Operations in Brazil and Spain
Narrow-moat Santander reported solid pretax profits of EUR 3.8 billion for the third quarter of 2018. This is 4% higher than the corresponding period in 2017, if we adjust for currency weakness, particularly from Brazilian real profits before taxes increased by 17% on a constant currency basis. This result is in line with our expectations for the full 2018 fiscal year. We maintain our EUR 5.30 fair value estimate and narrow-moat rating.Banco Santander Brasil (Santander holds 90% of its shares a...
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