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Santander posts 14 percent fall in third-quarter net profit on Popular costs

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Santander posts 14 percent fall in third-quarter net profit on Popular costs

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MADRID (Reuters) – Banco Santander <SAN.MC> posted on Thursday a 14 percent decline in third-quarter net profit from a year earlier after being hit by restructuring costs of 515 million euros ($609 million) due mainly to the integration of Banco Popular. Santander – which consolidate Banco Popular into its accounts for the entire third quarter after taking over the troubled Spanish lender in June – reported net profit of 1.46 billion euros in the period July to September. Not including restructuring costs, underlying net profit in the quarter was up 17 percent boosted by a solid performance in its largest market, Brazil. Spanish banks’ reporting season is being partially overshadowed by Catalonia’s independence drive and its potential fallout on financial markets. Net interest income, a measure of earnings on loans minus deposit costs, was 8.7 billion euros, up 11.3 percent from the third quarter of last year. ($1 = 0.8557 euros)

(Reporting By Jesús Aguado; Editing by Paul Day)
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