Santander posts strong net profit in Q1
The bank’s net profit in the first quarter jumped almost five times
Stocks impacted: Santander (SAN)
Spain’s Santander said its net profit in the first quarter jumped almost five times due to lower impairments, record U.S. earnings, and strong growth in the UK. The bank posted a quarterly net profit of 1.61 billion euros compared with 331 million euros a year earlier. In Q1 2020, the company’s results were hit by provisions to cover potential loan losses and charges related to the coronavirus pandemic. Santander UK also saw strong results as profit before tax rose nearly two-thirds in the first quarter. The subsidiary said that pre-tax profit was up 61%, jumping from 114 million euros to 184 million euros over the three-month period. Earlier this month, Fitch Ratings has upgraded Banco Santander's two outstanding legacy hybrid preferred securities to 'BB' from 'CCC' to reflect reduced non-performance risks following the payment of a coupon due on 10 April 2021.
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