Spanish bank Santander's profit surges 77% in first 9 months

The net profit of Spanish bank Santander rose by 77 percent in the first nine months, compared to the same period of 2012, the Spanish National Stock Exchange Commission reported on Thursday. Santander's net profit reached 3.31 billion euros (4.57 billion U.S. dollars) from January to September and the rise is because the entity had to put aside bigger provisions a year ago against loan losses, said the Commission. Santander made 55 percent of its profits in emerging economies, with Brazil contributing with the largest percentage (24 percent). It made 367 million euros of net profit in Spain, down by 51 percent on the same period of 2012. Thursday also saw other banks publish their nine-month profits. Banco Sabadell reported 186.1 million euros, up by 105.4 percent year on year. Bankinter made 155.8 million euros of net profit, 115.5 percent more than a year earlier. (1 euro = 1.38 U.S. dollars)