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SANTANDER

Santander notches up billion euro profit

The boss of Spanish banking giant Santander was the bearer of good tidings on Thursday when he announced the institution had experienced a leap in third-quarter profits of €1.055 billion ($1.46 billion).

Santander notches up billion euro profit
Santander chairman Emilio Botin said the bank was prepared for a new era of profitability. Photo: Pierre-Phillipe Marcou/AFP

After recent comments that this was a "fantastic" period for the Spanish economy,  Santander chairman Emilio Botin Santander was able to offer up yet more upbeat news on Thursday.

His banks's net profit rose to €1.055 billion ($1.46 billion) in the third quarter, nearly nine times the €122 million profit reported a year earlier.

At this time last year, it had to set aside €1.14 billion in provisions against doubtful property-related assets in Spain.

Santander's net banking income fell 15.5 percent to €6.285 billion over the same period.

"After several years of high levels of write-offs and reinforcement of capital, Banco Santander is prepared for a new period of increased profitability," Santander chairman Emilio Botin said in a statement.

Over the first nine months of 2013, Santander posted a net profit increase of 77 percent from the same period last year to €19.66 billion . Net banking income dropped 13.9 percent to €19.66 billion.

Faced with fragile economies in Spain and the rest of Europe, Santander has focused on emerging markets, especially Latin America, from which it now sources 55 percent of its profits.

Santander said it had boosted the ratio of rock solid core capital on its books to 11.56 of the total capital, up from 10.38 percent a year earlier.

But the ratio of bad loans at risk of not being repaid — most of them related to the collapsed property market — rose to 5.43 percent of all credit from 4.34 percent a year earlier.

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ROMA

Santander stuns Inter, Roma rescue a point against AC Milan

Federico Santander scored the winner as struggling Bologna stunned Inter Milan 1-0 to pile the pressure on coach Luciano Spalletti as Roma rescued a point with a 1-1 draw to AC Milan in Serie A on Sunday.

Santander stuns Inter, Roma rescue a point against AC Milan
Federico Santander and Milan Skriniar during the Serie A football match Inter Milan vs Bologna on February 3, 2019 at the San Siro stadium in Milan. Miguel Medina / AFP

Santander's header gave new coach Sinisa Mihajlovic the perfect start as his relegation-threatened side earned their first win in over four months.

But Spalletti's Inter were booed off the pitch at the San Siro after their third-place cushion was cut to four points on city rivals AC Milan, who occupy the final Champions League berth, with Roma a further point back in fifth.

Paraguayan forward Santander broke through after 33 minutes with his header enough to seal just a third win this season and first since September 30.

Inter are still searching for their first win of 2019, being held to a goalless draw by Sassuolo and losing 1-0 to Torino in Serie A before exiting the Coppa Italia on penalties to Lazio in the San Siro this week.

“Unfortunately when we have to fight or to cope with difficulties we lack something, that bit of dash that can make you make a difference,” said Spalletti. 

“In any case, I repeat, I don't feel under scrutiny. The team is still behind me, I'm convinced,” added the former Roma and Zenit St Petersburg coach. 

The damage could have been worse but for a solid performance from goalkeeper Samir Handanovic, with captain Mauro Icardi proving wasteful, extending his goal drought in Serie A to six games.

Bologna keeper Lukasz Skorupski denied Andrea Ranocchia a late equaliser as the northern side reignited their push for top-flight survival.

“I couldn't have dreamed of a better start,” said Serb Mihajlovic. 

“This proves that if you are brave you can do anything – you can beat Inter at the San Siro.”

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'Slap in the face'

At the Stadio Olimpico, Roma eased the pressure on their coach Eusebio Di Francesco who was still stunned by a 7-1 Coppa Italia whipping by Fiorentina.

AC Milan's Lucas Paqueta combined to set up fellow new boy Krzysztof Piatek to tap in after 26 minutes for his third goal in two outings.

But Roma piled on the pressure with AC Milan saved by goalkeeper Gianluigi Donnarumma's heroics denying Patrik Schick and Edin Dzeko before the break.

Just after the interval Nicolo Zaniolo equalised for the hosts who were boosted by the return of veteran midfielder Daniele De Rossi.

Donnarumma again came to the rescue to frustrate Dzeko, while a searing Lorenzo Pellegrini header rattled the post, with Roma goalkeeper Robin Olsen denying Diego Laxalt late.

“It's a pity we need a slap in the face before waking up,” said Di Francesco. “This was a positive response to Florence, but could never wipe out that game, even if we had won. 

“The lads showed character and I hope it is yet another starting point.”

“Roma probably deserved a little more, but I really liked our second half performance,” said Milan coach Gennaro Gattuso.

Both Milan and Roma edge closer to Inter but Atalanta and Lazio have a chance on Monday to close in on the top four against Cagliari and Frosinone respectively.

Earlier Fiorentina battled back to share a point in a 1-1 draw with Udinese, as the Tuscany side sit five points off the Champions League places.

The match was halted at the 13th minute as the fans remembered former Fiorentina captain Davide Astori, who died before last year's game in Udine.

Elsewhere Paraguayan striker Toni Sanabria scored his second goal in as many games for Genoa since his loan move from Real Betis, in a 1-1 draw with Sassuolo.