Spain’s largest listed bank said two months of contributions from British lender TSB supported earnings, while £250 million of restructuring charges tied to the integration in Britain limited the increase.
Santander reported second-quarter net profit of €3.52 billion, up 3% from €3.43 billion a year earlier, as higher revenue and two months of contributions from British lender TSB lifted results. The gain was partly offset by €250 million of restructuring charges in Britain linked to the TSB integration. Excluding those charges, underlying net profit rose 17% year on year to €3.77 billion, slightly above the €3.75 billion expected by analysts polled by Reuters. Santander described itself as the euro zone’s largest lender by market value.