Sovereign Bank profit falls ahead of name change

Both revenue and profit fell at Sovereign Bancorp in the first half of 2013, the Boston Business Journal reported. More

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Banking

Sovereign Bank profit falls ahead of name change

BLOOMBERG NEWS FILE PHOTO/MIKE MERGEN
SOVEREIGN BANK'S parent company, Banco Santander, announced Sovereign's revenue and profit fell in the first half of 2013.
Posted 7/30/13

BOSTON – Both revenue and profit fell at Sovereign Bancorp in the first half of 2013, the Boston Business Journal reported. The numbers came from Sovereign parent Banco Santander’s second-quarter earnings statement, released Tuesday.

Gross income dropped 15.6 percent from the first six months of 2012, from $1.5 billion to $1.27 billion. Net operating income fell as well, from $763 million last year to $490 million, a 35.8 percent drop. Profit fell 14.5 percent to $306 million from $358 million in the same period last year.

The bank attributed the lower profit to “the cut in interest rates, the reduction in non-core portfolios and higher costs from the development of new businesses” in its earnings report.

Sovereign Bank announced last week it will adopt the parent company name, Santander Bank, in the fall.

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