Banco Santander Turns In Smooth Quarter in Volatile Environment
Banco Santander continues to deliver a measure of success from its multisystem model, and second-quarter results were good in a difficult environment. We plan to maintain our EUR 5 fair value estimate and narrow moat rating. Adjusted profit was EUR 1.6 billion, 1% more than the first quarter, helped by slightly higher fee income (up 8% from last year), solid cost controls, and lower loan-loss provisions. Overall net interest income remained essentially flat at EUR 7.6 billion. Cost of credit ove...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.
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