Spanish banking giant Santander has posted a net profit of €1.54bn for the fourth quarter of 2017, a fall of 4% over the corresponding period a year ago.
The profit was hit by a €752m charge related mainly to the impairment of goodwill in the US business. This was offset by a €297m capital gain from the sale of AllFunds Bank and a €73m gain owing to US fiscal reforms.
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The bank’s overall net charge during the quarter was €382m for capital gains and provisions. Net interest income stood at €8.6bn, an increase of 6% compared with €8.09bn a year ago.
Compared to last year, the group’s net fee income increased 12% to €2.95bn and net operating income rose 4% to €6.1bn.
The bank’s CET1 capital ratio as at 31 December 2017 was 10.84% as against 10.55% a year earlier.
Banco Santander Group executive chairman Ana Botin said: “Our recurrent profitability allows us to lend more to customers, increase dividend per share, while generating more than €3bn in capital through organic growth alone.
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