Santander profits plummet 94%

Banco Santander said today that its third-quarter net profits plunged 94% against the same period last year to €100m 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 €10.78bn, up from €10.72bn 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 €1.8bn due to the compulsory provisions.

Excluding the provisions, profit for the first nine months was €18.18bn, up 3% on the same period last year.