Banco Santander SA said Wednesday that third-quarter net profit fell sharply as it reported a 1.49 billion-euro ($1.65 billion) charge related to its U.K. business, which has been hit by Brexit and regulatory changes.
Net profit for the period fell 75% to EUR501 million, the Spanish bank SAN, +0.00% SAN, -2.07% said. Total income rose 6% to EUR12.47 billion.
The lender had said previously that the charge was mostly due to a challenging regulatory environment, such as the negative impact of “ringfencing” rules, under which U.K. lenders must separate retail banking from riskier investment-banking operations. Another EUR103 million charge was booked on missold payment protection insurance.
The bank’s core Tier 1 ratio — a key measure of balance-sheet strength — was 11.30% in September, unchanged from the end of June.
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