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PRESS RELEASE - Santander (this is an abridged version. Read the full release)
Banco Santander, S.A. ('Santander') increased attributable profit by 7% to €6,619 million during 2017 after €897 million of net capital gains and provisions, with growth driven by further improvements in the quality and recurrence of revenues, combined with good cost control and an overall strengthening in credit quality.
The Group continued to see positive trends across its businesses, with revenues increasing in eightof its ten core markets. Total income increased by 10% to €48,392 million with net interest incomeand fee income increasing by 10% and 14% respectively. Operating expenses increased at a lower rate than revenues, leading to a 12% increase in net operating income.
In addition to the integration costs and other items announced in the third quarter, the Group took a further €752 million charge in the fourth quarter relating primarily to the impairment of goodwill for the Group's investment in Santander Consumer USA ('SCUSA') announced on 28th November 2017. This was partially offset by €297 million of capital gains generated by the sale of AllFunds Bank and a €73 million gain relating to US fiscal reforms, resulting in a overall net charge for the fourth quarter of €382 million for capital gains and provisions and €897 million for the full year.