Belfast Telegraph

Home News World

Santander profit soars to 1bn euros

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.


Your Comments

COMMENT RULES: Comments that are judged to be defamatory, abusive or in bad taste are not acceptable and contributors who consistently fall below certain criteria will be permanently blacklisted. The moderator will not enter into debate with individual contributors and the moderator’s decision is final. It is Belfast Telegraph policy to close comments on court cases, tribunals and active legal investigations. We may also close comments on articles which are being targeted for abuse. Problems with commenting?


From Belfast Telegraph