Santander Mexico posts quarterly $257 million net

The Mexican unit of Spanish lender Santander posted a net profit of $257 million during the fourth quarter, a 57 percent decline compared with the same period a year earlier, the bank said on Monday.

Santander Mexico, which listed 25 percent of its shares in a record issue for the Mexican stock exchange in September, said the annual comparison was skewed because it had booked more than $315 million from the sale of an insurance business in 2011.

The results were also hit by provisions stemming from project finance, a fine linked to its mortgage portfolio and other various costs, said Santander Mexico.

Source: Reuters