Santander, Spain’s biggest bank, recorded a 35% drop in its net profits during the first nine-months of the year, after its British subsidiary profits fell 19%.

The Spanish bank recorded a net profit of €3,732 million between January and September, while its British arm earned €828 million. Difficulties in the UK were offset by a 19% increase in profits in Brazil, where Santander earned €2,249 million. The bank’s Brazilian arm remains its most profitable subsidiary.

The company’s American division witnessed the biggest leap in profits, seeing them rise to €619 million, an increase of 27%.

Profits were also up significantly in Mexico, which saw a 14% rise to €659 million and in Portugal where profits surged 12% to €385 million. 

The company’s Spanish wing remains its second most profitable division, seeing profits rise by 3% to €1.185 million. 

Ana Botin, the group’s president, said that the company had maintained «good trends» despite a difficult business environment. She added that diversifying into both European and American markets had helped Santander distinguish itself from competitors.

Original Story: The Olive Press | Robert Firth
Photo: Santander Facebook
Edition: Prime Yield