Banco Santander closes a disappointing 2011: -35% of profits, to 5,351 billion euros. The figure includes extraordinary provisions of $3,183 billion.
However, the Iberian credit giant has maintained its ability to generate profits with a net operating result of 24,373 billion euros (+2,2%). The profit from recurring operations amounted to 7,021 billion euros (-14%).
Banco Santander has already achieved the 9% core capital ratio required by the EBA while costs grew by 9% to 19,9 billion euro with an efficiency ratio of 44,9%. Loans grew by 4% and deposits by 3%. The non-performing loan rate grew to 3,89% (+0,34 points on an annual basis).
