Banco Santander reported a 16% fall in third-quarter profit on Thursday due to one-off restructuring costs following its acquisition of Banco Popular.
Santander, the eurozone's biggest lender by market value, reported attributable profit in the July-September period of €1.46bn, failing to match market forecasts of €1.85bn.
The forecasts, however, had assumed Santander would begin booking costs associated with the Popular acquisition in the fourth quarter.
The Spanish bank said it expected total restructuring costs related to the integration of Popular to be about €1.3bn. Absorbtion costs hit third-quarter net profit by €122m, the bank said. Santander took over Popular in June for a nominal fee after a run on the bank took it to near collapse.
- Net interest income rises 0.9% to €8.681bn
- Net operating income rises 1.3% to €6.486
- Underlying profit before tax rises 9.7% to €3.591bn
- Underlying attributable profit to the group rises 13% to €1.976bn
- Net attributable profit to the group falls 16.4% to €1.461bn
Shares in Santander were up 0.6% to €5.66 in early trade on the Madrid stock exchange.