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Santander Q2 net profit falls 18 pct y/y on Popular costs

Reuters - UK Focus

MADRID, July 23 (Reuters) - Santander posted on Tuesday a 18 percent decline in second-quarter net profit from a year earlier after being hit by planned restructuring costs of around 706 million euros ($790 million), due mainly to the integration of Banco Popular.

Santander - which took over the troubled Spanish lender in June of 2017 - reported net profit of 1.39 billion euros in the period April to June. Analysts had expected net profit to come in at 1.29 billion euros, according to a Reuters poll.

($1 = 0.8937 euros) (Reporting By Jesús Aguado; Editing by Paul Day)