Spanish Bank Santander Posts Jump in Profit in Q4 2014
Santander posts close to a 70 percent profit for the fourth quarter of 2014, the first quarter under new CEO Ana Botin
Santander, the euro zone's biggest bank, has posted close to a 70 percent jump in fourth quarter profit from a year earlier, lifted by earnings from its lending business and as charges on soured loans fell.
The Spanish bank said net profit was US$1.67 billion in the October-December period of last year - the first quarter under new CEO Ana Botin, who has shaken up the lender with management changes and recently bolstered capital through a cash call.
The profits were slightly below the forecasted US$1.68-billion quarterly profit.
Alongside other companies who also posted their results this month, Santander revised 2013 earnings downwards to reflect payments to deposit guarantee funds. Without that restatement, fourth quarter net profit would have risen just 37 percent.