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EDP Energias de Portugal S A : 4Q Net Profit Rose

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By Pietro Lombardi


EDP-Energias de Portugal SA said Wednesday that its fourth-quarter net profit rose sharply despite a decline in revenue.

The Portuguese energy company said quarterly net... | March 2, 2021

Naturgy Swings to 2020 Loss as Pandemic Hit Demand — Update

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Provided by
Dow Jones
--Naturgy swung to a loss following a large writedown
--Operating results were significantly hit by the effects of Covid-19 on demand
--The energy company's board will propose a final dividend of EUR0.63 a share for 2020
By Giulia Petroni and Pietro Lombardi
Naturgy Energy Group SA said Thursday that it swung to a loss in 2020, as its operating performance took a significant hit from the effects of Covid-19 on energy demand and foreign currencies.
The Spanish energy company booked a net loss of 347 million euros ($417.6 million) for the year, compared with a profit of EUR1.40 billion in 2019. The result was affected by an asset valuation review that Naturgy completed in the fourth quarter and which resulted in a writedown of EUR1.09 billion.

Santander Targets Higher Profitability After Meeting 2020 Goals — Earnings Review

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Provided by
Dow Jones
By Pietro Lombardi
Banco Santander SA released fourth-quarter results on Wednesday. Here is what you need to know:
PROFITS: Fourth-quarter net profit fell 90% on year to 277 million euros ($333.6 million), missing analysts' expectations of EUR505 million. In the same period last year, results were boosted by significant one-offs, including gains related to the agreement it reached with Credit Agricole SA to combine their custody and asset-servicing operations.
REVENUE: On an underlying basis, quarterly revenue fell 13% to roughly EUR11 billion. Excluding currency effects, it rose 1%.
WHAT WE WATCHED:
-GUIDANCE: The lender targets an underlying return on tangible equity--a key measure of profitability--of 9%-10% in 2021. Last year, underlying RoTE was 7.44%. It also expects a lower cost of credit, while in the medium term it targets mid-single digit revenue growth. Santander also confirmed its medium-term targets for underlying RoTE, capital and dividend. The bank's 2021 guidance is bullish, Citi analysts said.

Santander Is Upbeat on Outlook Despite First-Ever Annual Loss

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Provided by
Dow Jones
--Santander was hit by writedowns, bad-loan provisions and restructuring charges in 2020
--The bank targets higher profitability this year, as it expects vaccines to spur an economic recovery
--Executive Chairman Ana Botin said the lender isn't interested in M&A in Spain or Europe
By Pietro Lombardi
Banco Santander SA on Wednesday posted its first-ever annual loss in a year marked by the impact of the coronavirus pandemic, but was upbeat on its outlook for 2021.
Like many of its European peers, the Spanish bank--one of the eurozone's largest--had a tough 2020. The coronavirus forced it to book large impairments and set aside billions of euros for potential loan losses. It also booked significant charges related to its restructuring in Europe.

Givaudan Raises Dividends After 2020 Profits Rose

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Provided by
Dow Jones
By Pietro Lombardi
Givaudan SA is increasing its dividend after posting a slight growth in profit for last year and achieving its targets.
The Swiss flavor-and-fragrance company said Friday that net profit for last year was 743 million Swiss francs ($836.2 million) compared with CHF702 million a year earlier.
Sales also rose to CHF6.32 billion from CHF6.20 billion.
Givaudan is raising dividends by 3.2% to CHF64 a share.
The company has achieved the targets it had set in its 2016-20 strategy, it said.
Looking ahead, it targets organic sales growth of 4%-5% on a like-for-like basis and free cash flow of at least 12% through 2025, both goals measured as an average over the five-year period.

BBVA Plans to Launch Buyback

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Provided by
Dow Jones
By Pietro Lombardi
Banco Bilbao Vizcaya Argentaria SA plans to launch a buyback of about 10% of its shares as it makes returns to shareholders a key focus this year.
The Spanish bank has agreed to sell its U.S. business, which should give it roughly 8.5 billion euros ($10.30 billion) in capital that will be used to foster growth and remunerate shareholders. The bank is also proposing a cash dividend of EUR0.059 a share for 2020 and plans to return to its shareholder remuneration policy this year, it said Friday.
BBVA raised its capital target, now targeting a core tier 1 ratio--a key measure of capital strength--of between 11.5% and 12%, from the previous 10.84% to 11.34%.

BBVA Emerges From Tough Year With Plenty of Capital

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Provided by
Dow Jones
By Pietro Lombardi
Banco Bilbao Vizcaya Argentaria SA has a lot of capital to spend and will use it to remunerate shareholders through a mix of dividends and buybacks, while fostering growth and cutting costs.
The Spanish bank has emerged from a year marked by the impact of the coronavirus pandemic with roughly 8.5 billion euros ($10.30 billion) in capital to spend. The windfall comes from the $11.6 billion sale of its U.S. business, which it agreed to in November and should be completed around the middle of the year.
Part of the funds will be used to buy back around 10% of its shares, a plan the should be launched once the sale of the U.S. subsidiary is completed. Shareholders will also receive a cash dividend of EUR0.059 a share for 2020, while the bank will return to its policy of paying 35% to 40% of profits in dividends. Shareholders may also receive extraordinary dividends or a bigger buyback.

UBS to Launch Buyback of Up to $4.5 Billion as 4Q Profit More Than Doubles — Earnings Review

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Provided by
Dow Jones
By Pietro Lombardi
UBS Group AG released fourth-quarter results on Tuesday. Here is what you need to know.
NET PROFIT: Net profit for the quarter more than doubled to $1.71 billion from $722 million a year earlier. Analysts had expected profit of $966 million, according to a consensus forecast provided by the bank.
REVENUE: Operating income rose 15% to $8.12 billion, beating analysts' forecast of $7.37 billion.
WHAT WE WATCHED:
-CAPITAL RETURNS: This was a key focus for analysts and investors. The Swiss bank said it plans to launch a new three-year buyback program of up to 4 billion Swiss francs ($4.5 billion) in the first quarter. Including the conclusion of the existing program, the bank plans to repurchase up to $1.1 billion of shares in the first three months of the year. In a call with analysts, the bank's top brass said that this is a program and not a target, and that it has the flexibility to buy more shares. UBS will also propose a dividend of $0.37 a share for 2020.

For One Prized Italian Tradition, Covid Deals a Heartbreaking Blow

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Pandemic-control measures have heavily dented peak sales season on Via San Gregorio Armeno, the Naples street celebrated for its Nativity scenes.
REUTERS/Ciro De Luca
For One Prized Italian Tradition, Covid-19 Deals Heartbreaking Blow
Artisans clustered along a Naples street have been crafting Nativity scenes for more than a century. But coronavirus restrictions and a dearth of tourists are threatening their survival.
By
Dec. 12, 2020 5:35 am ET
NAPLES—For generations, the Christmas season has brought throngs of visitors to Via San Gregorio Armeno, a historic street in the heart of Naples where artisans have made the city’s famous handcrafted Nativity scenes since the 1800s.

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