Latest update: 05/02/2009 

- banking - Spain


Santander reports 22% net profit fall
Santander reports 22% net profit fall
Spain's Banco Santander has posted a 1.94 billion euros net profit or 22% fall in the fourth quarter. The leading Spanish bank also confirmed a two percent decline in annual net earnings to 8.87 billion euros, as signalled last month.

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AFP - Leading Spanish bank Santander reported on Thursday a nearly 22 percent fall in fourth-quarter net profit to 1.94 billion euros (2.48 billion dollars).

The bank also affirmed a 2.0-percent decline in annual net earnings to 8.87 billion euros, as signalled last month.

The bank brought forward a statement on its annual results to January 28, when it also said it had made provisions to account for the effects of the financial crisis but had used all exceptional profits to strengthen its balance sheet.

The exceptional profits amounted to 3.57 billion euros.

Total provisions for bad debts for 2008 rose by 72 percent to 5.97 billion euros.

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