Banco Santander Q1: Earnings Remain In A Sweet Spot [Seeking Alpha]
CAIXABANK SA UNSP/ADR (CAIXY)
NASDAQ:AMEX Investor Relations:
caixabank.com/inversoresinstitucionales_en.html
Company Research
Source: Seeking Alpha
Q1 results were robust enough, with the bank reporting a strong mid-teens return on tangible equity despite the impact of the Spanish windfall banking tax. The bank's Spanish operations remain surprisingly profitable at this stage in the cycle, while Brazil is seeing some expected improvement. These shares remain reasonably valued below tangible book value, continuing to afford investors a reasonable margin of safety. Shares of Spanish multinational banking giant Banco Santander ( NYSE: SAN ) have done well since my last update following FY2023 results, returning around 27% in that time (with dividends) despite a slightly negative market response to first quarter results. While the shares are currently down around 3% on the day in Madrid, Q1 figures look robust to me, with the bank ultimately posting a healthy 14.9% return on tangible equity ("RoTE") notwithstanding the strong seasonal headwind from the Spanish windfall banking tax. As such, Santander is tentatively on track
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