Santander Q3 Net Profit Drops 94%

Banco Santander SA

reported a 94% drop in its third-quarter profit. Santander's quarterly net profit fell to EUR100 million ($129.7 million), from EUR1.8 billion, in the year-ago period. However, analysts were expecting a profit of EUR1.23 billion. Santander's net profit in the nine-month period declined 66% to EUR1.8 billion. Santander shares closed at $7.50 yesterday.