BREAKING NEWS

BREAKING NEWS

Santander first-quarter net profit falls 10 percent, hit by Britain

Santander first-quarter net profit falls 10 percent, hit by Britain
FILE PHOTO: A logo of Santander, the euro zone's largest lender by market value, is seen on a branch in the Andalusian capital of Seville, southern Spain January 27, 2016. REUTERS/ Marcelo del Pozo/File Photo -
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Marcelo del Pozo(Reuters)
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MADRID (Reuters) - Santander reported on Tuesday a 10 percent fall in first-quarter net profit from a year earlier as steady growth in business volumes in Latin America failed to offset a weaker performance in Britain.

The euro zone's biggest bank by market value reported net profit of 1.84 billion euros (£1.6 billion) against forecasts of 1.88 billion euros in a Reuters poll.

Extraordinary charges of 108 million euros in Britain and Poland as part of its ongoing cost cuts in the United Kingdom and Poland also hit the group's bottom line.

(Reporting By Jesús Aguado; Editing by Paul Day)

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