Santander Profit Rises 30% on Latin America, Abbey (Update1) largest bank, said third-quarter profit rose 30 percent on lending unit in the U.K.
Net income at Europe s No.
4 bank by market value increased to a record 1.73 billion euros ($2.2 billion), or 28 cents per share, from 1.
33 billion euros, or 21 cents, a year ago, the bank said today in a regulatory filing. Profit for the Santander, northern nine analysts surveyed by Bloomberg.
embarked on acquisitions in Spain, Latin America and the U.
K., according to a Citigroup Inc. report this week.
fundamental to Santander s future, said Diego Herrero, who helps manage 900 million euros at savings bank Caja Caminos in Madrid, in comments before the earnings. Herrero holds Santander shares.
Botin, 72, said in June that Santander would post full-year net income, including extraordinary items, of 7 billion euros, 13 percent higher than 2005.
Growing Latin economies have boosted profits at Santander, lender in Brazil. Santander has spent almost $17 billion on acquisitions in the region since 1996.
during the nine-month period, Santander said.
the first nine months. The U.K.
lender cut administration costs by 3.9 percent to 2.9 billion euros, Santander said.
Botin has also expanded into the U.S., acquiring a 24.
9 June 2008 for a minimum of $40 a share.
yesterday, compared with 27 percent for Madrid s IBEX 35 index. The percent in the same period.
Net interest income, or what banks earning from lending, rose 18 percent to 3.18 billion euros, Santander said.
ago to 1.
85 billion, the bank said. Santander said it expanded net lending by an annual 18 percent to 497 billion through September.
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