Economy

Santander Q3 profit jumps to $1.46 billion

MADRID (AP) — Spain's Banco Santander SA posted a profit of 1.06 billion euros ($1.46 billion) in the third quarter, a near nine-fold increase from last year, when the government had forced it to take major provisions to cover soured real estate loans.

The largest bank by market value in the 17-country eurozone said profit in the July-September period rose from 122 million euros a year earlier. Gross income dropped to 9.74 billion euros from 10.71 billion euros.

Santander President Emilio Botin said that after years of making provisions for bad investments, the bank was now in a position to build profits. For the first nine months, net profit jumped 77 percent to 3.3 billion euros.

Shares rose 0.5 percent to 6.6 euros in morning trading in Madrid on Thursday.

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