Banco Santander profits plunge 98 per cent
Tuesday 31 January 2012
Spain's Banco Santander saw its profit plunge 98% in the fourth quarter after the bank took a 1.8 billion euro (£1.5 billion) charge to protect its Spanish property portfolio, and set aside cash to cover bad loans.
Europe's largest bank by market capitalisation said today that it earned 47 million euros (£39.4 million) for the quarter that ended in December, down from 2.1 billion euros (£1.8 billion) in the same period a year earlier.
Without the provision, the bank said it would have made a profit of 1.7 billion euros (£1.4 billion)in the fourth quarter.
Revenue for the quarter came in at 11 billion euros (£9.2 billion), up from 10.6 billion euros (£8.9 billion) a year earlier.
Loans were up 4% for all of 2011 as Banco Santander boosted business in Latin America which helped buffer decreasing European operations.
- 1 Malaysian cyclist could face disciplinary action after 'Save Gaza' gloves protest
- 2 Is Gideon Levy the most hated man in Israel or just the most heroic?
- 3 Fifty Shades of Grey trailer provokes moral outrage from US parenting groups
- 4 McDonald’s removes chicken nuggets from the menu in Hong Kong amid major food scare
- 5 Students offered grants if they tweet pro-Israeli propaganda
Israel-Gaza conflict: Israeli targeting policy under scrutiny after shellfire hits a mother and child, a school full of refugees and a doctor’s home
Students offered grants if they tweet pro-Israeli propaganda
McDonald’s removes chicken nuggets from the menu in Hong Kong amid major food scare
Satellite full of sexually experimental geckos adrift in space, Russia loses control of mission
Costa Concordia finally towed from Giglio amid environmental concerns that cruise liner is a 'floating bomb'
Malaysia Airlines MH17 crash: Vladimir Putin is given 'one last chance' to end hostilities in Ukraine
The 'scroungers’ fight back: The welfare claimants battling to alter stereotypes
The truth about conspiracy theories is that some require considering
Arizona execution lasts two hours as killer Joseph Wood left 'snorting and gasping' for air
Malaysia Airlines MH17 crash: Ukrainian military jet was flying close to passenger plane before it was shot down, says Russian officer
Malaysia Airlines MH17 crash: Massive rise in sale of British arms to Russia
iJobs Money & Business
£600 - £650 per day: Orgtel: Conduct Risk Liaison Manager - Banking - London -...
£18000 - £23000 per annum + Comission: SThree: SThree, International Recruitme...
£280 - £300 per day + competitive: Orgtel: Test Analyst, Edinburgh, Credit Ris...
£20000 - £25000 per annum + OTE £40,000: SThree: SThree Group have been well e...