Santander Report Updated for FY18 Results
Narrow-moat Santander reported underlying attributable profit of EUR 8.1 billion for fiscal 2018, which was 7% ahead of 2017 results. If we strip out the impact of currency profit, the increase was 17%. This was right in line with our expectations (EUR 8.1 billion) and 4% ahead of consensus (EUR 7.8 billion). Surprisingly, the market did not seem to like the results, with Santander trading 4% lower on the day. Santander generates around 60% of its pretax profits from Brazil, Mexico, and the Unit...
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