Spain's Santander bank posts $1.57 billion in first quarter, down 26 per cent

MADRID – Spain’s Banco Santander says net profit for the first quarter fell 26 per cent compared with the same period a year earlier owing to slower economic growth in Brazil and Britain as well as a recession at home.

The biggest bank by market value in the 17-country eurozone said Thursday it made a net profit of 1.21 billion euros ($1.57 billion), down from the 1.63 billion euros a year earlier.

It said gross income for the first three months was 10.29 billion euros, down 8.8 per cent from the 11.29 billion euros in 2012.

Its non-performing loan ratio in the first quarter was 4.76 per cent, up from 3.98 per cent for the same period in 2012.

Banco Santander SA shares were down 3.2 per cent at 5.44 euros in Madrid trading.