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Santander profits plunge by 94%

Santander has said that its third-quarter net profits plunged 94% against the same period last year to 100 million euro (£80 million) 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 10.78 billion euro (£8.72 billion), up from 10.72 billion euro (£8.68 billion) for the third quarter last year.

For the first nine months of this year, Banco Santander said it suffered a 66% drop in net profits to 1.8 billion euro (£1.45 billion) due to the compulsory provisions.

Excluding the provisions, profit for the first nine months was 18.18 billion euro (£14.71 billion), up 3% on the same period last year.

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From Belfast Telegraph