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Santander’s Resilient Earnings Help Counter Hit From Charges

  • Bank posts first-ever annual loss on writedowns, provisions
  • Lending revenue, underlying income beat analyst estimates
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WATCH: Santander Chairman Ana Botin discusses earnings, loan-loss provisions and expansion plans.Source: Bloomberg
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Banco Santander SA reported better-than-expected underlying income and revenue from lending, helping investors look past a 1.15 billion-euro ($1.4 billion) charge for job cuts and branch closures.

Profit excluding the charge rose to 1.4 billion euros in the fourth quarter, while the capital buffer climbed above 12% for the first time, Spain’s biggest bank said in a statement on Tuesday. Provisions for loan losses were also lower than expected.