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Santander Profits Hit By Bad Loans In Spain

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"Spanish bank group Santander saw full-year profits fall 8.5% in 2010 because of bad debts in its home market.

Net profits of 8.2bn euros ($11.3bn, £7bn) were hit by a 472m-euro provision for bad loans, in the wake of a collapsed property market and a severe recession with 20% unemployment.

But the group's profits would have been worse, were it not for a strong showing at its UK and Brazil units.

The group's British arm reported £2.3bn profits, up 11% on 2009.

It is believed that the Madrid-based bank intends to sell off a 20% stake in its UK business in the next six months via a flotation on the London Stock Exchange, expected to raise more than £3bn.


The worsening figures in Spain partly reflect stricter accounting standards instituted by the Spanish central bank."

Tip of the iceberg as regards the accounting standards and Santander were stricter than virtually all the others!

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