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RESULTS H1 2019
The Group achieved an attributable profit of €3,231 million during the first half of 2019, down 14% year on year (yoy) after €814 million in charges relating primarily to restructuring costs incurred as part of the bank’s plans to reduce its annual cost base in Europe by 10% (€1 billion) as announced at the bank’s investor day on 3 April 2019. The charges include: restructuring costs in Spain (€600 million) and the UK (€26 million); and a further PPI provision in the UK (€80 million), in addition to the net charge of €108 million announced in the first quarter.
An Extraordinary General Meeting of Banco Santander shareholders has today approved the capital increase required to acquire the shares in Banco Santander Mexico currently held by minority shareholders, representing 24.95% of Santander Mexico’s capital. This investment will have a neutral impact on Banco Santander's earnings per share (by 2020-2021) and boost organic capital generation. The return on investment is expected to be approximately 14.5% by 2021.
