Santander reveals profits loss

<p>Profits are down 26 per cent at Santander.</p>

Santander has announced its profits were cut by 26 per cent in the first quarter of the year.

The eurozone's biggest bank revealed net profits for the first three months of 2013 were 1.2 billion euros (£1 billion), which is a drop from the 1.6 billion euros it made a year ago.

Ana Botin, chief executive of the UK operation, said in a statement that the British economy "remains subdued" but explained the bank expects there should be "greater stability in our operating environment" in the future.

UK pre-tax profits at the bank were shown in the financial results to have fallen to £282 million between January and March this year, down from £363 million.

The company said the the group figures represented a "return to normality" due to the fact that heavy provisions were taken in previous quarters.

Despite the 26 per cent drop in profits announced by Santander, its share price remained level and its stocks were trading at 5.42 at 08:28 BST this morning (April 26th).

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