World Bulletin / News Desk
Banco Santander, the leading bank in the eurozone by capitalisation, said Friday that profit soared in the second quarter thanks to an improvement in the exchange rate with Brazil and an absence of exceptional restructuring charges.
A recovery in the exchange rate of the Brazilian real helped the bank as Brazil is one of Santander's main markets. Profit there jumped 58 percent and the country was the leading contributor to earnings at 26 percent of the total. Britain followed at 17 percent.
Net receipts from banking activities rose by 1.1 percent to 8.5 billion euros.
The results were also flattering as during the second quarter last year Santander booked the cost of a restructuring effort in Spain that entailed closing 450 branches and the voluntary departure of 1,400 employees.
The second quarter this year was marked by the purchase of failing Spanish rival Banco Popular for the symbolic sum of one euro after the intervention of European regulators.
However, this dented Santander's main capital adequacy ratio -- a measure of a bank's ability to handle a crisis -- which slid to 9.58 percent from 10.66 percent at the end of March.
But Santander said a capital increase of seven billion euros carried out in July -- after the books closed for the second quarter -- allowed for it to compensate for the impact of the acquisition of Banco Popular.
The purchase of Banco Popular, however, also pushed up its percentage of doubtful loans, to 5.37 percent from 3.74 percent.
Shares in Santander were down 0.6 percent in morning trading as the Madrid market was down 0.6 percent overall.
Zeidan, who became premier in November 2012, was dismissed by Libya's parliament in March 2014 amid accusations that public funds had been embezzled.
Report says children resulting from enslavement of women should not face marginalization
Stoltenberg will hold talks with Polish President Andrzej Duda in Warsaw on Thursday before travelling to the NATO base in the northern village of Orzysz, Tomasz Szatkowski, Poland's deputy defence minister, told local media on Tuesday.
Firefighters were digging with their bare hands to pull 11-year old Ciro, the last of three brothers buried in the debris, about 13 hours after the quake struck.
Operation comes as U.S. Defense Secretary Jim Mattis arrives in Baghdad for talks on anti-ISIL fight
Thousands of pastoralists in northern Ngorongoro district made homeless as homes torched to protect wild game
UNICEF says 'extremely concerned about an appalling increase in the cruel and calculated use of children, especially girls'
Iraqi troops, supported by the forces of a US-led international coalition, routed IS fighters in Mosul in July following a gruelling nine-month fight.
In the eurozone, Frankfurt's DAX 30 index gained 0.7 percent to 12,151.76 points and the Paris CAC 40 advanced 0.5 percent to 5,112.13 compared with the close Monday.
US to base strategy 'on conditions'; will not discuss troop levels
West African nation recalled its ambassador to Qatari capital Doha earlier in June
Agency director estimates about 1,100 employees will work overtime hours that exceeds congressionally-mandated limits
Macedonia's foreign ministry said it was informed by the embassy late Sunday that employees were being called back to Belgrade for consultations.
The government also emphasised that current negotiations about the divorce are "inextricably" linked to future trade arrangements and should therefore be discussed at the same time.