Santander Q1 Net Profit Drops 26%

Banco Santander SA SAN reported a 26% fall in its net profit in the first quarter. Santander's quarterly net profit declined to 1.21 billion euros ($1.56 billion), from EUR1.63 billion, in the year-ago period. However, analysts were expecting a profit of EUR1.31 billion. Its net interest income dropped 14% to EUR6.65 billion from EUR7.76 billion. Santander shares closed at $7.33 yesterday.