Brazil operations drive profits at Banco Santander
Spain’s Banco Santander has reported its net profits rose by 7% over 2017 amounting to €6.61bn, a result boosted to a great extent by the strength of the bank in Brazil.
The Brazilian subsidiary of Banco Santander attracted €2.54bn net profits over the full year, accounting for 26% of the group’s earnings.
By its part, BBVA saw net profits of €4.6bn in 2017, a figure up 19.7% compared with the same period in 2016.
CaixaBank experienced the highest rise among Spanish banks, up by 61% YoY and recording €1.68bn profits – a growth that could be partly explained by the acquisition of Portuguese Banco BPI last year.
Banco Sabadell’s net profits also grew by 12.82%, attracting €801m in 2017.
Conversely, Bankia’s net profits fell by 37.3%, recording earnings of €505m . The bank announced it would absorb Banco Mare Nostrum (BMN) earlier this year, a move likely to have decreased the bank’s profit over the full year.
Most read
