Spain's Banco Santander said today that its third-quarter net profits have plunged 94% compared to the same time last year to €100m.
The bank is Europe's largest bank by market value.
This was due to government-imposed provisions against an economic downturn and toxic property loans.
The bank said gross income for the period was €10.78 billion, up marginally from €10.72 billion for the third quarter in 2011.
For the first nine months of 2012, Banco Santander said it sustained a 66% drop in net profits to €1.80 billion due to the compulsory provisions.
Excluding the provisions, profit for the first nine months of 2012 was €18.18 billion, up 3% on the same time last year.
