Santander Posts Flat Profit Growth As Brexit Weighs
Muhammad Rameez Published October 26, 2016 | 06:50 PM
MADRID, , (APP - UrduPoint / Pakistan Point News - 26th Oct, 2016 ) - Spanish banking giant Santander posted flat net profit growth in the third quarter as its results were hit by the slump in the pound following Britain's vote to leave the EU.
The bank said its July-September net profit was virtually unchanged from the same time last year, hitting 1.7 billion Euros ($1.8 billion), a 0.9-percent increase. The results were higher than forecast by analysts polled by Factset who predicted net profit of 1.5 billion euros.
"Excluding the impact of Currency depreciation against the euro, attributable profits in the third quarter were 7.0 percent higher than the same period last year," Santander said in a statement.
The British pound has been pummelled since Britain's June 23 EU exit referendum, hitting 31-year lows against the Dollar and 7.5-year troughs versus the euro. The drop in sterling has hurt Santander's results in Britain, which until recently was its main market.
The lender posted a net profit of 360 million euros in Britain in the third quarter, down from 480 million euros from a year earlier. Santander last month lowered its profitability target, saying its growth expectations had worsened in Britain following the country's decision to leave the EU.
Santander said net profit during the first nine months was down 22.5 percent to 4.6 billion euros due to restructuring costs. The 2015 results were also inflated by one-off items. Brazil has overtaken Britain as the bank's main market during this period.
The Latin American country accounted for 20 percent of the bank's net profit during the first nine months, followed by Britain which accounted for 19 percent. Santander is neck and neck with France's BNP Paribas for the position as the eurozone's biggest bank by capitalisation.
Related Topics
Recent Stories
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 26 April 2024
Today Gold Rate in Pakistan 26 April 2024
ICC Womens T20 World Cup Qualifier, Match 2: Ireland Women open with Comfortable ..
Robinson, bowlers help New Zealand go 2-1 up against Pakistan
Shahzeb Chachar to hold khuli kachehri on April 26
Heatwave amid Israel's aggression in Gaza brings new misery, disease risk
Tourism must change, mayor says as Venice launches entry fee
Court adjourns Judicial Complex attack case till May 17
Nasreen Noori’s book ‘Popatan Jahra Khwab’ launched
Wafaqi Mohtasib inspection team visits Excise and taxation office
AJLAC announces 5th Conference titled ‘People’s Mandate: Safeguarding Civil ..
Pak-US officials engage to enhance trade, investment ties
More Stories From World
-
United by grief, families of Boeing crash victims demand justice
22 minutes ago -
Microsoft expands its AI empire abroad
32 minutes ago -
China ready to work with Pakistan to promote practical cooperation under CPEC, GDI: Luo Zhaohui
32 minutes ago -
Nuggets push Lakers to brink as Embiid's 50 points lead Sixers over Knicks
42 minutes ago -
Man City in title groove as Arsenal face Spurs test
42 minutes ago -
Philippine settlement submerged by dam reappears due to drought
42 minutes ago
-
ByteDance says 'no plans' to sell TikTok after US ban law
1 hour ago -
Oil: 'Mother of corruption' in Venezuela
1 hour ago -
ECO General Secretary urges member nations to embrace cultural wealth
1 hour ago -
China warns Blinken over deteriorating ties in talks
2 hours ago -
Famine-threatened Sudan's 'race against time' to plant crops
2 hours ago -
Microsoft, Google earnings shine as AI drives revenue
2 hours ago