Santander falls as Spain, Brazil profit under pressure

Macarena Munoz Montijano – Bloomberg Business, 7/30/2015

Banco Santander SA fell in Madrid trading after Spain’s biggest bank posted earnings showing that lending revenue remains under pressure at home.

Net interest income from Spanish loans, or revenue generated from the difference between what banks earn on loans and pay on deposits, dropped 5 percent in the second quarter from a year earlier to 1.13 billion euros ($1.24 billion). It was down 3 percent from the first quarter.

“I am not optimistic about this because there is fierce competition in the market,” Chief Executive Officer Jose Antonio Alvarez said in a conference call Thursday. “I would see this as a continuing trend for some time.”

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