Economy Santander fourth-quarter net profit rises on upbeat performance in Brazil

Santander fourth-quarter net profit rises on upbeat performance in Brazil

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Santander fourth-quarter net profit rises on upbeat performance in Brazil

Spain’s Banco Santander reported on Wednesday a 4 percent rise in fourth-quarter net profit, buoyed by strong performance in Brazil and higher net interest income.

Santander, the euro zone’s biggest bank by market value, said net profit rose to 2.07 billion euros (1.81 billion pounds) in the October-December period.

Net interest and fee income, a measure of earnings on loans minus deposit costs, hit 12.02 billion euros in the quarter from 10.99 billion in the previous three-month period.

Net profit rose 1.4 percent to 663 million euros in Santander’s largest market – Brazil. In its home market in Spain, the lender’s quarterly profit slumped 18 percent to 432 million euros, dented by high contributions to the deposit guarantee fund.

However, the company posted a 28 percent jump in its full-year profit. The lender’s net profit for 2018 touched 7.81 billion euros, up from 6.62 billion euros a year earlier.

Analysts had expected a net profit of 7.83 billion euros for the full-year result.

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