Santander is driven by strong Brazilian activity

MADRID (dpa-AFX) – The big Spanish bank Santander gained more in its daily operations in 2019, mainly thanks to the brilliant results in North, Central and South America. In the UK, where the Spanish bank is well represented, the company has experienced problems. In total, profit adjusted for special effects rose 2% to 8.25 billion euros, as the bank in Madrid announced on Wednesday.

In Brazil, the bank’s largest single market, adjusted profit rose 16% to € 2.9 billion. Consolidated net income fell 17% to 6.5 billion euros, mainly due to a multibillion depreciation in Great Britain and the restructuring of certain divisions. However, the bank did a little better than what experts had expected.

The numbers ensured significant price gains for Santander stock. That in EuroStoxx 50 quoted paper gained around 5%, making it the leader of the eurozone selection index and European banking stocks. However, the stock of the bank, which is one of the heavyweights in the sector with a market value of around 60 billion euros, had also lost value in recent months.

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