Spanish banking giant Santander, the largest in the eurozone by market value, announced Thursday a leap in third-quarter profits as it recovered from big write-offs a year earlier. Santander's net profit rose to 1.055 billion euros ($1.46 billion) in the third quarter, nearly nine times the 122-million-euro profit reported a year earlier.
At this time last year, it had to set aside 1.14 billion euros in provisions against doubtful property-related assets in Spain. Santander's net banking income fell 15.5 percent to 6.285 billion euros over the same period. "After several years of high levels of write-offs and reinforcement of capital, Banco Santander is prepared for a new period of increased profitability," Santander chairman Emilio Botin said in a statement. Over the first nine months of 2013, Santander posted a net profit increase of 77 percent from the same period last year to 19.66 billion euros. Net banking income dropped 13.9 percent to 19.66 billion euros.
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