Based on data released this morning Spain’s Santander (also known in amusing UK adverts as the Bank of Antandec) saw second quarter net earnings slump 18 per cent to €1.4 billion from €1.7 billion in Q2 2018. Though net interest income rose 5.6 per cent and non-performing loans shrank again, the bank was hit by a one-off €708 million charge for restructuring costs in Spain linked to the integration of failing Banco Popular. Business conditions in Britain continued to be a challenge for the bank though operations in Brazil and the US were humming along nicely.
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