Spain's Santander Q2 net profit down 4% to euro2.42B

Spain's Santander, the euro zone's largest bank, said net profit fell 4% in the 2nd-Q as an increase in revenues was wiped out by a surge in bad loans in the economic crisis. Santander said net profit was euro2.42B ($3.44B), compared to euro2.52B in the 2nd-Q in 2008. In the first half, net profit fell 4% to euro4.51B. It wrote off euro2.46B, bringing its total non-performing loans to euro21.75B at the end of the quarter compared to euro9.68B in