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Q4 profit up to $543 million for Spain's Santander

Thursday - 1/31/2013, 1:50pm  ET

MADRID (AP) -- Spain's Banco Santander says it made a net profit of EUR401 million ($543 million) for 2012, up from EUR47 million for the same period a year earlier, but saw its annual total drop by almost 60 percent.

The bank said Thursday its gross income for the period was EUR10.35 billion, down from EUR10.63 billion in 2011.

Banco Santander, S.A. said its 2012 net profit fell by 59 percent to EUR2.12 billion. Over the year it made provisions of EUR18.8 billion against an economic downturn and toxic real estate loans.

Its non-performing loan ratio last year rose 0.65 percentage points to 4.54 percent. For Spain, it was up 1.25 percentage points to 6.74 percent,

Santander shares ended Thursday down 3.5 percent at EUR6.18.

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