スペインのサンタンデール銀行の利益は、スペインでの多額の損失で66％を下回る
El beneficio del Santander cae un 66% por las fuertes pérdidas en España
El beneficio del tercer trimestre cae un 94% por las dotaciones para el ladrillo
El resultado recurrente de los nueve meses caería un 19,9%, hasta 4.250 millones
El banco cubre ya el 90% de la normativa sobre riesgo inmobiliario
Los resultados en el exterior compensan las fuertes pérdidas en España
Miguel Jiménez Madrid 25 OCT 2012 - 12:29 CET
Santander's profit falls 66% due to heavy losses in Spain
The third-quarter profit falls by 94% by provisions for brick
Recurring profit fall nine months by 19.9% to 4,250 million
The bank now covers 90% of the real estate risk rules
The results abroad offset heavy losses in Spain
Miguel Jimenez Madrid 25 OCT 2012 - 12:29 CET
The Banco Santander has closed September 2012 with a consolidated profit attributable of 1,804 million euros, representing a decrease of 66% over the first nine months of 2011, as communicated to the National Securities Market. The agency notes that the ordinary profit from January to September amounted to 4,250 million, down 19.9%, to 1.029 million in addition to capital gains obtained mainly from the sale of the subsidiary of Colombia and the reinsurance life insurance portfolio in Spain and Portugal. Therefore, the profit for the period would have been 5.279 million, 3.475 million but after allocating net of provisions to cover risks in the real estate sector in Spain, is reduced to those 1.804 million. Shares of Santander tore the session with gains, they became more than 1%, but fell after noon by 0.4%.
The fall in profit in the third quarter is much higher, from 1,800 million to 100 million, a 94% plunge on higher provisions. In the case of Santander, the results generated in Latin America and other European countries offset the heavy losses suffered in Spain by the provisions of the brick. Apart from the sanitation, the fall in profit is also affected by the sale of some businesses, accelerating the fall of recurring income.
Banco Santander Chairman Emilio Botin, said through a note that "the ability to generate earnings of Banco Santander allows sanitation strong property in Spain in 2012 and significantly increase coverage delinquent." In nine months we generated a profit before provisions of 18.184 million, "he added.
In the first three quarters of 2012, core income and expenses at rates Santander rose 5%, which placed the net margin (profit before provisions) at 18.184 million, an increase of 3%. The combination of revenue and cost is due to the efficiency ratio stood at 45.4%, three tenths better than the end of 2011. Of this, 9.533 million (+30%) was allocated to provisions for bad debts, while other 5010 million gross (3,475,000 net) have been designed to give real estate risk in Spain, both as a result of the new regulation as other real estate losses have been accounted for.
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Excluding extraordinary provisions that cause the business in Spain is in loss, Latin America contributes 50% of the profit sum-Brazil 26%, Mexico, 13%, and Chile, 5% -, continental Europe adds 28% -Spain 16%, Poland 5%, and Germany, 4% -, United Kingdom, 13%, and the United States, 9%. The result falls in all major countries except the UK and Poland.
In Spain, if provisions are discounted to cover the risk and real estate losses, the group's attributable profit of 1,054 million, a reduction of 5.9% compared with 2011, an increase of 9.8% in net net. As these writedowns and losses totaling 3,475,000 brick, the result brings Spain to the group accounts is negative, amounting to 2,000 million.
Fall of credit in Spain
Loans grew by units operating in emerging markets, Latin America and Poland, while falls strongly in economies that are strong deleveraging processes, such as Spain and Portugal. However, in the latter countries are growing deposits. The amount of net loans stood at Santander Group 754 094 000 at the end of September 2012, up 3% from a year ago. The credit volume grew by 10% in Brazil and Mexico, and 9% in Poland. However, in Portugal falls by 8% and 7% in Spain.
In the Spanish case, increases credit to general government by 44% to 17,738,000, but credit to households and businesses (other residents) fell by 8.2% to 188 392 000. The fall in lending to SMEs and companies without purpose property is 3% to 100,131,000. The biggest cut in lending occurs promoter, from 25% in twelve months, representing a fall of 6.191 million in the stock of real estate finance.
The group's total appropriations amounted to EUR 754,000 million, representing 117% of deposits (642,600 million). Before the crisis, in December 2008, the ratio was 150%. In Spain, the credit deposit ratio is 108%, with 199,000 million in net loans and deposits 185 000 million in retail notes. This ratio was 178% at end-2008.
The bank has reduced from 35,000 to 30,000 million exposure to Spanish government debt, as explained by the chief financial officer, Jose Antonio Alvarez said in a conference call with analysts. At the same meeting, the bank's CEO, Alfredo Saenz, said he sees "welcome" that Spain prompted the European bailout, because purchases by the ECB will help to lower the risk premium and facilitate the financing of the banking.
The real estate risk, more healthy
The group's exposure to the property sector in Spain was at the end of 2008 of 42,500 million, 37,700 million and 4,800 million credit properties. Since then, the amount has been reduced by 16,000 million to 26,500 million, of which 18 200 million and 8,300 million are credit, property, whose stock continues to decline for the second consecutive quarter, says the CEO of Santander entidad.El, Alfredo Saenz, explained to analysts that he expects the property portfolio was reduced to about 7,500 million at year end.
The bank made provisions for 1,800 million from the accounts of 2011 and 5010 million so far this year to meet the new rules of property risk coverage. So, at the end of September has covered 90% of the allowances required by the new rules for this year and 10% missing to clean up in the fourth quarter.
Right now, the real estate exposure 26,500 million, 18,500 million are classified as problematic (7,784,000 doubtful, substandard 2.443 million and 8.277 million awarded), and are about 8,000 million risk considered healthy. Coverage by provisions troubled assets is 47%.
In adjudicated properties, provisions are 50%, including 60% provisions for soil (totaling 4,729,000 gross, ie before provisions), 50% in promotions under construction (730 million gross) and 33% in homes and completed developments (2,818 million gross).
Delinquencies still growing
The group's delinquency rate stood at 4.33%, representing an increase of 0.47 points from a year earlier and 0.22 in the quarter. In Spain, delinquencies stood at 6.38%, an increase of 0.89 points in the year, affected by the credit crunch. In the UK, the delay is almost stable, up a tenth in the year to 1.94%. In Santander Consumer Finance, is 3.96%, virtually the same as in December 2011. In the United States remains at very low levels, with 2.31%. In Latin America, the delinquency rises in Brazil and Chile about a point and low in Mexico.
The bank says that in all markets default rate is below the industry average, especially in Spain, where the set of entities has been delinquent for more than four percentage points above the Santander Group's business in the country. In a conference call with analysts, the bank's CEO, Alfredo Saenz, said he expects delinquencies to peak in late 2013.
The number of shareholders is fairly stable. Increases by 20,000 in one year, despite losing 10,000 since closing 2011.Con 3,283,913 shareholders, Santander says was the international financial group with the largest number of shareholders and offices (14,496). The group has 188,146 employees (331 more than last year, although the reduction in Spain is 383 employees) and with 102 million customers.
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