Santander profits fall by 26%

Spain’s Banco Santander has said net profit for the first quarter fell 26% compared with the same period a year earlier owing to slower economic growth in Brazil and Britain as well as a recession at home.

The biggest bank by market value in the 17-country eurozone said today it made a net profit of €1.21bn, down from the €1.63bn a year earlier.

It said gross income for the first three months was €10.29bn, down 8.8% from the €11.29bn in 2012.

Its non-performing loan ratio in the first quarter was 4.76%, up from 3.98% for the same period in 2012.

Banco Santander SA shares were down 3.2% at €5.44 in Madrid trading.