MADRID (AP) — Profit at Spain's Santander bank fell 4.6 percent in the fourth quarter as losses in Europe, where the debt crisis hammered markets, offset gains in emerging markets.
The largest bank in the 17-nation eurozone said Thursday it earned euro2.1 billion ($2.9 billion) in the October-December period, down from euro2.2 billion in the same quarter for 2009.
The bank said that revenue for the quarter was euro10.6 billion, up from euro10 billion a year earlier.
For all of 2010, profit fell 8.5 percent to euro8.2 billion. While Banco Santander SA reported steep quarterly losses for its European operations, its banks across Latin America made profits amid strong economic growth.
The bank said its yearly profit was hurt by a third quarter loan loss provision of euro472 million ordered by Spain's central bank as part of a move to shore up confidence in the nation's financial system, hit hard by a building boom that went bust and nearly two years of recession.
European profits for Santander sank 23 percent for the year, to euro3.9 billion. The bank's Latin American operations logged profits of euro4.8 billion, up 25 percent, and Santander said its Brazilian banks had their best year ever.
Santander's banks in Britain had profit of euro2 billion, up 15 percent.
The bank's shares were down 1.6 percent to euro9 per share Thursday morning on Madrid's main stock index after the results were released.
Source: http://www.bloomberg.com
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