MADRID (AP) — Spanish financial group Banco Santander said Thursday its third-quarter profits plunged 26 percent and warned it won't meet its earnings target for the year due to new government-ordered provisioning norms.
The eurozone's largest bank by market capitalization said it made a profit of €1.64 billion ($2.26 billion) in the July-September period compared with €2.22 billion in same quarter of 2009. Revenue fell 5 percent to €10 billion.
The bank said that under new central bank norms it had to set aside €472 million in the third quarter to cover loan losses.
"As a result of this one-time provision, 2010 profit is expected to be below the estimate announced at …
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