Santander (SAN) expects its profits to rebound this year after it finished making provisions in...

|By:, SA News Editor

Santander (SAN) expects its profits to rebound this year after it finished making provisions in 2012 for debt that has gone bad because of Spain's property bust. "We expect our Spanish non-performing loans to peak at about 7% in the first half," said Chairman Emilio Botin, following which earnings will recover. In Q3, Santander's net profit plunged to €100M from €1.8B because of the write-downs.