Tuesday 23 December 2014

Santander profit soars to 1bn euros

Published 24/10/2013 | 10:56

Santander has seen its third quarter profits soar (AP)
Santander has seen its third quarter profits soar (AP)
Santander has seen its third quarter profits soar (AP)

Spain's Banco Santander posted a third-quarter profit of 1.06 billion euros (£901.7 million) today - a near nine-fold increase from last year, when the government had forced it to take major provisions to cover soured real estate loans.

The largest bank by market value in the 17-country eurozone said profit in the July-September period rose from 122 million euros (£103.8 million) a year earlier. Gross income dropped to 9.74 billion euros (£8.29 billion) from 10.71 billion euros (£9.11 billion).

Santander president Emilio Botin said that, after years of making provisions for bad investments, the bank was now in a position to build profits.

For the first nine months, net profit jumped 77% to 3.3 billion euros (£2.8 billion).

Shares rose 0.5% to 6.6 euros (£5.61) in morning trading in Madrid today.

AP

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