Santander’s net profit for the 12 months to 31 December fell
8.5% to €8.18bn ($11.1bn) following a sharp rise in the
Spanish lender’s non-performing loans.
Net income was down 22.8% to €3.89bn at
Santander’s continental Europe retail unit in fiscal 2010.
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Net profit at Santander’s Latin American unit
dwarfed the bank’s traditional retail units in Iberia, increasing
by more than a quarter to €4.8bn. Latin America now accounts for
43% of Santander’s group profit
In the UK, net income increased by 15% to
€1.98bn while in the US, Santander’s US unit Sovereign turned
around a loss of €25m in fiscal 2009 to a net profit of €424m.
Total assets increased by almost 10% in fiscal
2010 to €1.22trn.
Lending increased by 6.1% to €724bn; deposits
were 9.5% up at €985bn.
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By GlobalDataLess positive was a 160 basis point increase
in Santander’s cost-income ratio to 43.3%.
Santander ended 2010 with a group-wide branch
network of 14,082 units, up 422 outlets or 3% during the year.
