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Spain's Banesto 9mth net down 15.3 pct yr/yr

Source: Reuters - Wed 7th Oct 2009

Spanish bank Banesto recorded a 15.3 percent year-on-year fall in nine-month net profit on Wednesday, missing expectations, as credit quality deteriorated because of a prolonged recession.

Banesto, 88 percent owned by the euro zone's largest bank Santander, made net profit of 553.6 million euros($813.8 million), compared with the 571.9 million euros forecast in a Reuters poll of ten analysts.

Its non-performing loans ratio rose to 2.59 percent at the end of September from 2.3 percent at end-June.

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