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Daily Digit: Santander profits fall 66%

Thursday, October 25, 2012 - 00:53

Oct. 25 - Santander, the euro zone's biggest bank, said its nine-month net profit fell by two thirds, hit by writedowns on bad property investments made during Spain's decade-long housing boom. Hayley Platt reports.

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66 is today's Daily Digit in Europe. 66% is the amount Santander's net profit has fallen by, according to its nine-month results. Europe's biggest bank has been hit by writedowns on bad property investments made during the country's housing boom. The group said it has now absorbed 90 percent of those at a cost of 5 billion euros. Many Spaniards are defaulting on loans, forcing Santander to increase the amount it keeps to cover the losses to 9.5 billion euros. Spain accounts for just 16 percent of Santander's profits, with half coming from Latin America. But it's been tarnished by the country's financial woes as investors worry about the future of its banking sector. The 2008 property crash forced Spain to ask for 100 billion euros to help its banks.

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Daily Digit: Santander profits fall 66%

Thursday, October 25, 2012 - 00:53