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SAN share (Madrid) Positivo_GB 5.808 | 0.03% | 17:35

Banco Santander earned an attributable profit of €3,605 million during the first half of 2017, an increase of 24% compared to the same period last year. This was driven by an increase in customer revenues, disciplined cost control, and further improvements in loan loss provisions. Banco Popular, which Santander acquired on 7 June 2017, contributed a further €11 million to the Group’s attributable profit in the period to 30 June 2017, bringing total Group attributable profit to €3,616 million during the first half of 2017 and €1,749 million in the standalone second quarter (+37% compared to second quarter of 2016).


Earnings 1H17- José Antonio Álvarez, Banco Santander CEO analysis


Banco Santander announced today that it has concluded the €7.072 billion rights issues initiated on 3 July 2017 following the acquisition of Banco Popular. The transaction, the largest M&A financing rights issue in Europe since 2010, was subscribed more than eight times over with the value of total demand for subscriptions equivalent to more than €58 billion.


Banco Santander has decided to implement, despite having no legal obligation to do so, a commercial action to provide a solution to retail clients who acquired shares and/or certain subordinated obligations of Banco Popular and were affected by the bank’s resolution, which was decided by the European authorities on June 6, 2017 and resulted in the loss of the value of their investment.