Santander up on rule tweak

SPANISH lender Santander has seen its profits improve under new accounting rules, restating its 2012 earnings yesterday to take the change into account.

The new rules, which make banks include more employee-related costs upfront and include the subsidiary Banesto, improved profits by around €90m (£76.7m).

Under the change, profits hit €2.295bn, not the €2.205bn previously reported. However some areas like net interest income were hit by the change.

The bank’s shares edged up 0.25 per cent.

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