Banco Santander (SAN: Quote,BNC.L) reported that its first-quarter net profit attributable the Group was 1.205 billion euros, down 26% from 1.627 billion euros in the prior year quarter. On a per share basis, net income declined to 0.12 euros, from 0.17 euros in the prior year quarter.
Revenues for the quarter came to 10.29 billion euros, down 9% from a year earlier. This decline can be attributed to deceleration in key economies, lower interest rates, which were at lows in euros, pounds, dollars and Brazilian reales, as well as the Group's decision to maintain high levels of liquidity.
The company expects that profit in 2013 will be significantly higher than the 2.295 billion euros reported in 2012.
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by RTT Staff Writer
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