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Banco Santander, S.A.

Banco Santander, S.A. (Santander or the Bank) is a bank holding company. Santander operates principally in Spain, the United Kingdom, Portugal, other European countries, Latin America and the United States, offering a range of financial products. Santander is organized in three principal segments: Continental Europe, United Kingdom and Latin America. Continental Europe covers all retail banking business, wholesale banking and asset management and insurance conducted in Europe, with the exception of the United Kingdom. It also includes the units, such as the Santander Branch Network, Banco Espanol de Credito, S.A., Santander Consumer Finance and Portugal. United Kingdom includes retail and wholesale banking, asset management and insurance conducted by the various units and branches of the Bank in the United Kingdom. Latin America segment includes activities conducted via its subsidiary banks and other subsidiaries in Latin America.

28/10/2010 Banco Santander 3rd Quarter 2010 

Banco Santander’s net attributable profit, with no extraordinary items, declines 3% to EUR 6.740 billion in the first nine months
The Bank reinforces its balance sheet by assigning net capital gains of EUR 2,247 million to generic provisions (EUR 1,400 million ), to provisions for acquired properties (EUR 600 million) and to other provisions.

Santander maintains its dividend policy and sticks to its commitment of distributing EUR 4,812 million to shareholders.
Profit was driven by growth in revenues (up 16%) double that of costs (up 8%).
Excluding acquisitions and exchange rate effects, revenues were up 11% and costs flat.

Loans rose by 11% and deposits by 21%. Continental Europe contributed 49% of Group profit, Brazil 20%, the rest of Latin America 15% and the U.K. 16%.

Continental Europe registered attributable profit of EUR 3,986 million, an increase of 16%. Loans grew by 1% and deposits by 14%.

In Latin America, attributable profit stood at $3,816 million (+6%) or EUR 2,798 million (down 2%), with loans falling 4% and deposits growing by 3%, excluding the sale of Banco de Venezuela and the exchange rate effect.

Attributable profit in the U.K. totalled £1,164 million (up 58%) or EUR 1,314 million, up 39%. Loans grew by 43% and deposits by 46% in pounds following the integration of Alliance & Leicester.

The non-performing loan ratio was 3.03% and the coverage rate was 73%. NPLs in Spain stood at 2.98% and is expected to end the year below 3.5%. Growth in the non-performing loan ratio slowed down for a second consecutive quarter, while the
coverage rate increased for the first time since 2006.

The Bank has made provisions of EUR 7,200 million, an increase of +54%, against the earnings of the first nine months. Generic loan-loss reserves come to EUR 7,469 million.
The efficiency ratio stands at 41.3%, improving three points from the year before, despite the integrations of A&L, B&B and Sovereign, with higher costs than the Group average.

The capital ratios underline Banco Santander’s solvency, with a BIS ratio of 14.3% and core capital of 8.4% following the capital increase in Brazil.

Banco Santander expects to match in 2009 the ordinary net profit of EUR 8,876 million registered in 2008 and to maintain shareholder remuneration at EUR 4,812 million.

Copyright  2009

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