Wholesale falls but Santander points to LatAm strength
A sharp decline in equities and corporate finance revenues contributed to a 17.1% fall in profits in Santander’s wholesale banking franchise in 2011 compared to the year before, the bank reported on Tuesday. But it said its international reach helped it maintain a strong liquidity and capital position — and that its Spanish operations had no need to tap wholesale markets this year.
The banks Latin American operations once again helped its overall results. LatAm profit before tax and provisions grew 6.5% to 13.5bn, accounting for the first time for more than half of the groups total of 24.37bn.
The groups pre-tax, pre-provision profit represented a 2.2% year-on-year gain. But provisioning
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