Spain bank’s profits sustained by latin america branches

Earnings from Latin America, led by Brazil where it owns the third-biggest non-state-owned bank, are helping Santander counter as Spanish divisions suffer losses on real-estate loans and shrinking loan books.

Santander, which has so far come through the financial crisis with profit only about 10 percent off its 2007 peak, strengthened its core capital ratio by almost 1 percentage point during the quarter.

Profit from Latin America increased 27% to 1.27 billion Euros, with a 23% gain in Brazil. Lending in Brazil rose an annual 18% in local currency terms.

The second country with most benefits for Santander was Mexico with 376 million US dollar, 80% higher than a year ago. Chile follows with 238 million USD, up 23.4%.

Source: MercoPress