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Santander bank has sold over 8300 properties for six months with 45% discount

Santander bank has sold over 8300 properties for six months with 45 per cent discountFor the first half of this year, Santander group of companies has sold 8,300 properties with an average discount of 45%. According to the bank, in the first quarter net profit of the bank amounted to 2.255 billion euros, up 29% from a year earlier.

The cost of real estate owned by the bank now stands at 3.618 billion euros, which is 14% less than in the first half of last year. In the last quarter of 2012 the activities of the financial group focused on a sharp reduction in the number of properties in Spain.

At the end of the first half of the total amount of mortgage loans originated by the Santander amounted to 51.665 billion euros, which is 3% lower than a year earlier. The level of delinquencies on mortgages was 3.11%.

General Director of Santander Javier Marin told analysts that the bank’s forecasts point to a possible increase in the level of outstanding loans in the coming months. “We hope that the economic recovery will begin in the last quarter of this year, and in 2014 the percentage of debt will decrease,” – said Marin.

Category: News