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Search resuls for: "Spain's Santander"


5 mentions found


☆ Spain's Santander Q3 profit rises 11% compared to same period a year ago
  + stars: | 2022-10-26 | by ( ) www.reuters.com   time to read: 1 min
MADRID, Oct 26 (Reuters) - Spain's Santander (SAN.MC) said on Wednesday its net profit in the third quarter rose 11% compared to the same period a year ago as higher revenues across its markets offset a rise in loan loss provisions and costs. The euro zone's second-biggest lender in terms of market value booked a net profit of 2.42 billion euros ($2.41 billion), up from 2.17 billion euros in the same quarter last year. Analysts polled by Reuters expected Santander to post a net profit of 2.19 billion euros. ($1 = 1.0045 euros)Reporting by Jesús Aguado, editing by Inti LandauroOur Standards: The Thomson Reuters Trust Principles.
☆ Santander's profit tops forecast despite provisions, costs
  + stars: | 2022-10-26 | by ( Jesús Aguado | ) www.reuters.com   time to read: +2 min
The euro zone's second-biggest lender by market value booked a net profit of 2.42 billion euros ($2.41 billion), up from 2.17 billion euros in the same quarter last year. Analysts polled by Reuters had expected a net profit of 2.19 billion euros. Net loan-loss provisions rose 24% year-on-year to 2.76 billion euros against an uncertain macroeconomic backdrop, mirroring the picture at lenders in the United States. Santander's diversification, especially in Latin America, has helped it cope with tough conditions for lenders in Europe since the financial crisis. Revenues climbed 13% year-on-year to 13.51 billion euros, more than the 13.15 billion euros analysts had forecast.
☆ European banks cash in on rising rates as clouds gather
  + stars: | 2022-10-26 | by ( Tom Sims John O'Donnell Jesús Aguado | Tom Sims | John O'Donnell | ) www.reuters.com   time to read: +6 min
And Italy's UniCredit (CRDI.MI) raised its 2022 profit goal, helped by higher interest rates and lower loan loss provisions that also drove quarterly earnings above forecasts. For years, banks bemoaned ultra loose monetary policy, but now higher interest rates means banks can start to benefit from the increased gap between what they charge borrowers and what they pay savers. Standard Chartered's third-quarter profit surged 40% as higher interest rates boosted the emerging markets-focused bank's income, giving it ammunition to upgrade its revenue outlook despite a weakening global economy. For Santander, higher loan loss provisions in key markets like Brazil and the United States overshadowed better than expected third-quarter earnings. While benefiting from higher interest rates, banks also face the unwinding of a scheme that buoyed their profits for years.
☆ Santander approves interim dividend of 0.0583 euros per share against 2022 results
  + stars: | 2022-09-27 | by ( ) www.reuters.com   time to read: +1 min
MADRID, Sept 27 (Reuters) - Spain's Santander (SAN.MC) board approved on Tuesday an interim cash dividend against 2022 results of 0.0583 euro per share, equivalent to around 20% of the group's underlying profit in the first half of 2022, the lender said. The cash dividend represents an increase of around 20% compared with the interim 0.0485 euro per share paid against 2021 results. Santander's dividend policy consists of a remuneration target of around 40% of the group's underlying profit, split in equal parts in cash dividend payments and share buybacks. Register now for FREE unlimited access to Reuters.com RegisterThe interim dividend would be paid from Nov. 2 and the last day to trade shares with a right to receive the interim dividend will be Oct. 28. The board also agreed to implement a share repurchase programme equivalent to about 20% of the group's underlying profit in the first half of 2022 or around 979 million euros ($939.55 million).
☆ Mexican used-car startup Kavak lands $810 mln in debt financing
  + stars: | 2022-09-20 | by ( Kylie Madry | ) www.reuters.com   time to read: +2 min
A logo of used autos platform Kavak is pictured on a car in Mexico City, Mexico, August 25, 2020. The HSBC financing comes in the form of a forward flow agreement, Kavak said, in which the bank will buy collection rights for a set of Kavak's used car loans. Kavak, which calls itself the largest pre-owned car operation in the world, was Mexico's first "unicorn," a startup worth more than $1 billion. The startup for the first time expanded outside of Latin America, launching operations in Turkey, in July. Our debt is cheap, even under a AAA bond on the Mexican stock exchange," he said.
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