The quarter enjoyed a strong 4.9% equity generation (before dividends) and reduced capital usage. While it showed some margin pressure and inflated cost of risk, restructuring efforts seem to have borne fruit with an improved efficiency. Management’s guidance on future EPS trajectory is reassuring.

29 Jan 2020
Improved efficiency and reduced capital usage

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Improved efficiency and reduced capital usage
Banco Santander, S.A. (BNC:LON) | 631 50.5 1.3% | Mkt Cap: 93,926m
- Published:
29 Jan 2020 -
Author:
David Grinsztajn -
Pages:
2 -
The quarter enjoyed a strong 4.9% equity generation (before dividends) and reduced capital usage. While it showed some margin pressure and inflated cost of risk, restructuring efforts seem to have borne fruit with an improved efficiency. Management’s guidance on future EPS trajectory is reassuring.