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Santander stocks fall on fourth-quarter Mexico results

Thursday, February 21, 2013

Grupo Financiero Santander Mexico, the Mexican unit of Spain’s biggest bank, fell the most on the MSCI emerging markets Mexico Index after Morgan Stanley cut its rating on the stock, citing disappointing fourth-quarter earnings.

Shares plunged 5.8 percent at the close of Mexico City trading, extending this year’s decline to 13 percent.

Fourth-quarter profit fell 57 percent from a year earlier to $259 million, falling short of the average estimate for 4.15 billion pesos among two analysts surveyed by Bloomberg, as provisions for bad loans increased and operating expenses rose.

Source: Bloomberg