Santander Mexico announces 2Q earnings

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Grupo Financiero Santander Mexico SAB de CV (BSMX) on Wednesday reported second-quarter net income of $181.6 million.

The bank, based in Mexico City, said it had earnings of 13 cents per share.

The results did not meet Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 14 cents per share.

The Mexican bank posted revenue of $1.59 billion in the period. Its revenue net of interest expense was $1.01 billion, which beat Street forecasts.

In the final minutes of trading on Wednesday, the company’s shares hit $3.30. A year ago, they were trading at $7.41.

Banco Santander México is a Mexican banking entity. It is owned by 91.65% of the Spanish financial group Banco Santander.

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Source: Automated Insights