Net interest and benefit of Santander shrink 5% in March – Investing.com Spain

MADRID (Reuters) – Banco Santander (MC recorded a decline of 4.9 percent in its net profit for the first quarter, weighed down by the weakness of the Brazilian real, although the result was above analysts’ forecasts.

in a note to the stock market regulator, the largest bank in the eurozone by market capitalization said the profit was 1,633 million euros compared to 1,503 million expected by analysts.

Brazil, which is going through its worst recession in decades, is a fifth of the benefit of Santander and depreciation of currencies in this and other markets such as the UK, hurt the bank’s accounts when converted to euros.

Without the effect of exchange rates, the profit would have risen by 8 po percent, said the bank in its press release.

Net interest income (the difference between what it charges for lending and costs financing) fell 5.2 percent to 7,624 million compared to 7,648 million euros estimated by analysts, while the margin before provisions stood at 5,572 million compared to 5,549 million expected.

in Spain, net interest income reflected the persistent pressure have also experienced other national entities, and the cost of the implementation of its new plan of accounts paid.

in terms of levels solvency, the bank said the core capital ratio (in terms of Basel III fully loaded) stood at 10.27 percent compared to 10.05 percent at the end of December.

bank reiterated that the results are in line with the objectives contained in the strategic plan to 2018, among which put the capital ratio of highest quality and in terms of Basel III above 11 percent.

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