Spain's Santander says first quarter net profit up 5.7 percent

29th April 2010, Comments 0 comments

Spain's biggest bank, Santander, said on Thursday that its first quarter net profit rose 5.7 percent from a year earlier to 2.22 billion euros (2.93 billion dollars).

Financial analysts polled by Dow Jones Newswires had forecast a net profit of around 2.16 billion euros.

Net banking income -- the difference between interest earned and interest paid out to depositors, a core measure of bank earnings -- rose 17.9 percent to 7.12 billion euros.

Bad debt as a percentage of total loans increased to 3.34 percent from 2.49 in the first quarter of 2009, the bank said.

© 2010 AFP

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