Santander Profit Hit by Charges for Job Cuts, Restructuring
- Underlying earnings rise to highest level in eight years
- South American markets continue to show best profit growth
This article is for subscribers only.
It looks like Banco Santander SA picked the right time to grow in Latin America.
The Spanish lender’s surging businesses there delivered second-quarter profit growth that made up for a lackluster performance in Europe. Shareholders on Tuesday approved a capital increase to buy out the 25% of the bank’s Mexican unit that it doesn’t already own, continuing its expansion in the region.