Quarterly Results of Bankinter, Banco Santander and Telefónica

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Quarterly Results of Bankinter, Banco Santander and Telefónica

Economic results for November 2017

Economic results for November 2017

After the third quarter of this year finished, the results of Banco Santander break with analysts forecasts, Telefónica’s are under, and Bankinter-s are in line with the consensus of analysts estimates.

Banco Santander achieved a margin of interests of 25.689 million euros, meaning a 11.7% against 11.2% in the first half of 2017 and the 25.850 million expected. The Gross Margin was of 36,330 million, this means a 11.6% versus the 11.4% in the first semester and against the 36,055 million predicted.

On the other hand, the Margin of Operation reached 19,373 million, that is a 14.4% more against 15.7% until June and against the expected 19,200 million, and the net attributable benefit was of 5,077 million, a 10.2% more against the 24.2% in the first semester and against the expected 5,484 million.

Telefónica, Lower Results Against What Was Expected

The Spanish operator of telecommunications has published quarterly results below the estimations due to the fall of income in Europe and a slowdown in Latin America.

Telephone obtained income of 38,846 million euros 1.4% in terms reported, against the expected 38,838 million; the OIBDA was of 12,274 million a 2.9% more than against the expected 12,313 million; margin OIBDA was located in 31.6%; the EBIT, in 5,143 million; the net attributable benefit, in 2,439 million against the expected 2,598 million and the benefit by action, in the 0.44 euros.

Bankinter, Santander, Telefónica

Bankinter, Santander, Telefónica

On the other hand, net debt stood at the 47.222 million euros, representing a 4.8% reduction compared to September 2016 and 2.6% compared to the second half of 2017.

Revenues fall in Spain (-2.6%), Germany (-3.1%) and United Kingdom (-6.4%) and slowdown its growth in Brazil (13.6% compared with 21.8% until June) and Latin America (2.8% vs. 6.7% in the first six months), as a result of the negative evolution of the types of exchange in the third quarter.

Bankinter, Results in Line with Estimates

Bankinter’s results until September are situated practically in line with the estimates of the consensus at all levels of the income statement: -1% in net interest income, 0.2% in gross margin and 2% on net profit.

In a quarterly comparison, you can see the effect, although moderate, of the seasonality of summer with a Euribor 12 months even more depressed than in the second quarter, making compromise on a -4% interquarterly the interests margin and a -5% the net commisions.

The return on equity (ROE) of the nine months of the year stood at 12.3%, in a context of further improvement of the cost of risk to 0.32% in the third quarter compared to 0.35% in the second and credit growth.

The market reacts with sales to the results of the bank and, with a decline of 0.6%, Bankinter titles went to 7,903 euros, implying a loss of 3.3% in the last three months.

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