Sovereign Bank, which in October will rebrand itself as Santander Bank , reported net income of $105.7 million for its second quarter, down 16.5 percent year over year.
The bank’s net interest income took an 8 percent hit, ending the quarter at $424.5 million, which the bank attributed to a lower interest rate environment and lower yields than in 2012.
Fees and other income were up 11 percent to $182.3 million, mainly due to mortgage banking income, Sovereign said.
Results also included a charge of $63.6 million related to the valuation of securities, due to a decision to sell a specific portion of the bank’s available-for-sale investment portfolio.
