Projo Biz Blog

Banco Santander, the Spanish lender that is acquiring Sovereign Bancorp., this morning said third-quarter profit climbed 4.7 percent on higher income from Latin America and its home market.

Santander said net income rose to $2.77 billion, or 32.87 cents a share.

Spain's biggest lender is adding about $130 billion of deposits as it buys troubled banks including Sovereign Bancorp and Alliance & Leicester Plc and Bradford & Bingley Plc in the U.K. Concern is mounting that Santander may leave its capital base stretched as recession looms in Spain and the U.K. while Brazilian growth slows, said Gonzalo Lardies, a fund manager at LCF Rothschild Group in Madrid.

``Perhaps the greatest risks for Santander lie in Latin America as well as Spain and investors are waking up to that,'' said Lardies. ``A capital increase, although perhaps quite limited, is starting to look probable.''

Comments

Frank said:

Does this men no more Jerry Remy commercials?

Link | October 28, 2008 10:09 AM
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