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Santander Q3 profit 249% improved

Christian 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
The bank has continued to grow capital organically, adding 14 basis points (bps) to CET1 in the quarter.

Topics: Santander

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.