Spanish banking giant Santander has posted a net profit of €1.7bn ($1.8bn) for third quarter of 2016, an increase of less than 1% compared to €1.68bn in the same period last year.

For the quarter ended 30 September 2016, profit per share was €0.11, flat with last year. Net interest income stood at €7.8bn, down 2.4% from €7.98bn in the third quarter of 2015.

Net fee income rose to €2.6bn compared to €2.47bn a year ago. Net operating income fell to €5.83bn from €5.97bn.

Under international regulations known as ‘fully loaded’ Basel III criteria, the bank’s capital ratio rose marginally to 10.47% as of 30 September 2016.

The lender reiterated that it is on course to reach a capital ratio of 11% by 2018. Its ratio of bad loans to total loans dipped to 4.15% in the third quarter.

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