The group reported a €25m profit in the fourth quarter, hit by €1.4bn of net extraordinary charges. On an underlying basis, profit came at €1,460m, in line with consensus expectations, but helped by a low tax rate. Despite the deteriorating market conditions, management maintained its financial objectives, reiterating the superiority of its business model in this environment.
29 Jan 2016
Advocated business model superiority at test
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Advocated business model superiority at test
Banco Santander, S.A. (BNC:LON) | 387 0 0.0% | Mkt Cap: 61,205m
- Published:
29 Jan 2016 -
Author:
David Grinsztajn -
Pages:
3
The group reported a €25m profit in the fourth quarter, hit by €1.4bn of net extraordinary charges. On an underlying basis, profit came at €1,460m, in line with consensus expectations, but helped by a low tax rate. Despite the deteriorating market conditions, management maintained its financial objectives, reiterating the superiority of its business model in this environment.