Santander profit surges amid lower provisions on bad loans

Note: This section contains information in English only.
Source: Bloomberg
Banco Santander SA, the largest bank in Spain, announced a significant increase in its profit for the last quarter of 2013, as the bank accumulated fewer funds for bad loans. The net income jumped to 1.06 billion euro against 423 million euro in Q4 2012. Analysts, however, waited for a 1.2 billion euro profit. Today, Banco Santander SA shares are losing 0.5% to 6.35 euro per share by 10:45 GMT in Madrid.
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