Profits at the Spanish banking giant Santander have been hit again after the company set aside money to cover property loan losses in Spain.
First quarter net profit was down 24% at 1.6bn euros ($2.12bn; £1.31bn)
It set aside 3bn euros in provisions, partly to cover rising loan defaults in its home country.
Spain's property market is one of the worst-hit in Europe after a major property boom unravelled during the banking crisis.
A rising number of Spanish householders and businesses are defaulting on their debts.
But Santander, which is the eurozone's biggest bank, increasingly relies on its presence in emerging markets, particularly Brazil.
Brazil contributed 27% of the bank's profit during the quarter, compared with 12% from Spain.
Source & Image : BBC
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