Banesto, the Spain-based
retail focused subsidiary of Santander, has kicked off the European
reporting season by posting a net profit of €460m
($613.8m) for the 12 months to 31 December, down 17.8% from a
year ago.
Banesto missed analyst forecasts as
impaired loans as a percentage of total lending rose by 114 basis
points to 4.08% from 2.94% at the end of fiscal 2009.
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Banesto said that
conditions were unfavourable “with strong pressures in the markets
and persistent economic weakeness.”
Banesto’s cost-income
ratio inched up by 75 basis points to 39.69% during fiscal 2010;
its core capital rose by 60 basis points to 8.3% with a target of
9% by fiscal 2012.
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