Spain’s Santander profits plunge by 94pc
SPANISH bank Santander has said that its third-quarter net profits plunged 94% against the same period last year to €100m due to government-imposed provisions against an economic downturn and toxic property loans.
The Spanish bank, Europe's largest by market value, said gross income for the period was €10.78bn, up from €10.72bn for the third quarter last year.
For the first nine months of this year, Banco Santander said it suffered a 66pc drop in net profits to €1.8bn due to the compulsory provisions.
Excluding the provisions, profit for the first nine months was €18.18bn, up 3pc on the same period last year.