Santander third-quarter profit up 5%

Spanish banking giant Santander, which owns Santander UK, said net profit rose nearly 5% in the third quarter from a year ago to €1.7bn (£1.22bn).

Revenue rose to €11.3bn from €10.96bn.

The lender said it faced "more favourable economic environment in the developed economies where it operates, while emerging economies faced important challenges".

The bank said it took a hit from depreciating currencies in Latin America.

Profit for its businesses in the Latin America region were €783m, 11% lower than the second quarter because of worse exchange rates, it said.

The bank's net interest income, or earnings on loans minus interest paid for deposits, was €8bn for the July-to-September period, up 7% from a year earlier.