Santander Q3 profit 249% improvedChristian Fernsby ▼ | October 27, 2020
Santander attributable profit in the third quarter was €1,750 million, 249% more than at Q3’19, owing to a non-cash goodwill impairment and other charges in 2019.
Santander Attributable profit in the third quarter was €1,750 million
Group CET1 increased to 11.98%, sitting at the high end of its targeted range of 11-12%, after an accrual of 19 bps in order to make a cash payment to shareholders in 2021, subject to approval by shareholders and regulators, in addition to other requirements.
By the end of 2020, the bank will have achieved the €1 billion cost savings target in Europe and expects to reduce costs by an additional €1 billion over the next two years in Europe.
Spanish newspaper Expansion reported that Santander was planning to lay off around 3,000 of its employees, around 11% of its workforce in Spain, due to the economic impact from the coronavirus and a customer shift towards digital channels. ■