Santander profit surges, beating expectations

Banco Santander SA’s (SAN.MC) third-quarter net profit grew strongly from a year earlier, when it reported a number of one-off charges.

Net profit for the period rose roughly 36% to 1.99 billion euros ($2.26 billion) from a year earlier, when the bank reported more than EUR500 million in exceptional charges, including roughly EUR300 million related to the integration of Banco Popular.

Third-quarter gross income fell about 4% to EUR11.72 billion.

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Analysts had expected the bank to report a net profit of EUR1.93 billion on gross income of EUR11.48 billion, according to a consensus forecast provided by FactSet.

Santander’s Common Equity Tier 1 ratio, a key measure of balance-sheet strength, stood at 11.11% at the end of September, up from 10.80% in June.

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