Santander Banks president Ana Patricia Botin speaks during a press conference announcing the companys 2015 results in Boadilla de Monte, near Madrid on January 27, 2016. Spains Santander said today its net profit edged up three percent last year to 5.97 billion euros (6.5 billion), held back by an exceptional provision linked to a British insurance scandal. AFP PHOTO/ CURTO DE LA TORRE
MADRID: Spain’s Banco Santander , the eurozone's biggest bank, posted a near 5% fall in first-quarter net profit, hit by a deepening recession in Brazil, but beat analysts’ forecasts and boosted its capital ratio.
The bank makes about a fifth of its profit in Brazil, its second-biggest market, and a falling currency there and in Britain, its biggest market, hurt earnings once converted into euros.
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