Santander Reports Decent Quarter; Slow Growth Likely to Continue
Banco Santander reported solid third-quarter results, and we do not plan to change our $5.50/GBX 420/EUR 5 fair value estimates or narrow moat rating. The bank’s multi-country model lets the bank benefit from diversification while adding complexity and in today’s environment offers relatively slow but stable growth. The bank is still on track to reach recently lowered 2018 targets of return on tangible equity of 11% compared with 13%, and a 45%-47% cost to income ratio versus an earlier target o...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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