The euro zone's largest bank Santander posted a 5 per cent fall in first quarter net profit today to €2.096 billion ($2.73 billion), with provisions against loan losses eating into the bottom line.
Results beat forecasts according to a Reuters poll, where Santander was expected to post a 15.5 per cent drop in net profit to €1.865 billion.
Santander said net interest revenue rose 22.2 per cent to €6.23 billion, while operating profit rose 12 percent to €9.454 billion.
The results were presented in accordance with new Bank of Spain guidelines, which meant 2008 figures were restated.
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Bad loans as a percentage of total lending rose to 2.49 per cent at the end of the first quarter from 2.04 per cent at the end of 2008.
Reuters