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Santander profits plunge by 94%

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Santander's net profits dropped 94 per cent compared to the same period last year

Santander's net profits dropped 94 per cent compared to the same period last year

Santander's net profits dropped 94 per cent compared to the same period last year

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.

PA