re: STD
From the online WSJ:
"Meanwhile, banking shares are up after Banco de Santander wrapped up
Spanish banks' first half earnings season earlier Thursday. Santander posted a first half net profit of 81.97 billion pesetas, up 37% from the same period in 1997. Santander shares gained 80 pesetas to 4,155 pesetas."
Consensus estimates were for only 32% growth, and 79 billion profit. I'd say STD still is on a role, and in no way ahead of itself at the moment...
re: ESF
Also from the online WSJ:
LISBON -- Banco Espirito Santo SA (E.BSC) said a slowing fall in margins,
higher sales of financial products and reduced rise in costs helped boost
consolidated net profit 28.4% to PTE19.6 billion in the first half compared
with PTE15.22 billion in the same period in 1997.
In a statement, BES said the profitability growth was helped by the
fast-growing Portuguese economy, by increased efficiency gains and
cross-selling, and by profits from market activity including privatizations and
flotations.
"As expected, the favorable market conditions of the first quarter didn't
continue in May and June, though because of the diversification into
international operations there was still some gain from capital market activity,"
BES said. "We continue to think the importance of these types of operations
will continue to decline in the rest of the year and may contribute to a more
moderate profit growth for the full year."
BES said its annualized return on equity for the period was 26.4%, and added
that its cost-to-income ratio fell to 52% in the period from 55% in first-half
1997.
"Productivity ratios improved as a result of a combined effort of rationalization
and growth of business," BES said.
DWB |
