Santander boss reports 'record' profits

14th January 2005, Comments 0 comments

14 January 2005, MADRID- The biggest Spanish bank Banco Santander Central Hispano registered "record" results in 2004.

14 January 2005

MADRID- The biggest Spanish bank Banco Santander Central Hispano registered "record" results in 2004.

The Spanish business newspaper Cinco Dias quoted Santander chairman Emilio Botin, but did not disclose any figures.

Press reports have said the SCH bank had been targeting a net profit for 2004 of more than three billion euros (USD 3.93 bn), up from EUR 2.6 bn the previous year.

Botin said 2005 would be an even better year for SCH, which became the world's tenth-largest bank after it acquired British bank Abbey National last year for EUR 13.19 bn.

Cinco Dias quoted the chairman as saying: "If 2004 has been a great year, 2005 will be even better and a key year as our Abbey buy will begin to be profitable."

"There is no doubt that we will meet our objectives in terms of costs and synergies and that the British bank's contribution to results will increase over the coming years," he added.

SCH is expected to report full-year 2004 results on February 25.
  
[Copyright EFE with Expatica]

Subject: Spanish news

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