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| Computer Translations Übersetzungen Traductions Traduzioni
Traducciones Traduções Oversettelse
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| Date |
18/09/2001 |
| Companies
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BANCO SANTANDER CENTRAL HISPANO - SANTANDER CENTRAL HISPANO - |
| Subject
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(Banco) SCH net attrib. Up 34% first half. |
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Santander Central Hispano (formerly Banco Santander Central Hispano) announced profits increased by one third for the first half with net attributable profit of €1382m (£871m $1,281m). Unusually in a set of results the performance is very uniform with most lines up a similar amount. The group reports expenses on a like for like basis down 0.9%. The efficiency showing a further drop to reach 52.4% for the second quarter. The bank confirmed there would be a further 1,000 branches in Spain close in 2003. This is in addition to the 1,400 announced for closure during this year and next. Plans to 'rationalise property in Spain and South America' and for early retirement of management are also promised as coming soon.
A report on the re-branding of the bank is included in a separate item.
Consolidated income to June 2001 2000 Change
€m €m %
NET INTEREST REVENUE 5,152.5 3,723.1 38.39
Net fees and commissions 2,341.8 1,875.4 24.87
Trading gains 446.9 275.5 62.21
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Net operating revenues 7,941.2 5,874.0 35.19
Personnel and general expenses (4,287.9) (3,187.0) 34.55
a) Personnel (2,684.9) (2,018.0) 33.04
b) General expenses (1,603.1) (1,168.9) 37.14
Depreciation (591.4) (443.3) 33.41
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NET OPERATING INCOME 3,061.9 2,243.7 36.46
Equity accounted holdings 209.5 344.3 (39.14)
Earnings from Group transactions 333.0 344.7 (3.40)
Net provisions for loan losses (835.1) (290.3) 187.61
Goodwill amortization (1,303.1) (115.1) --
Other income 909.0 (729.2) --
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Income before taxes 2,375.3 1,798.2 32.10
Corporate Tax (509.7) (362.8) 40.49
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Net consolidated income 1,865.6 1,435.4 29.97
Minority interests 223.1 193.0 15.56
Preferred dividend 260.7 208.3 25.17
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NET ATTRIBUTABLE INCOME 1,381.9 1,034.1 33.63
€1,000 was trading at £630.4 $926.9
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