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    Santander profit plunges on property losses

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    euronews (in English)

    by euronews (in English)

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    Santander, the eurozone's biggest bank, says its net profit for the first nine months of the year fell by two thirds from the same period last year.

    That was because it wrote off five billion euros in losses from repossessed housing and unrecoverable loans to developers in Spain.

    That big writedown meant its profit in the third quarter was 94 percent lower.

    ...
    http://www.euronews.net/