RED>Santander (SAN) Q4: net profit of €401M rises 8-9 fold from last year but comes in below consensus of €520M. Net interest income -5.2% to €7.15B vs forecasts of €7.3B. Bad loan ratio 4.54% at the end of December, 6.74% in Spain. For whole of 2012, sets aside €18.8B for bad debt but has now covered all of its Spanish government-enforced provisions for this purpose, so should "see a marked recovery in results" in 2013. To return €24B of cheap loans to ECB. Shares
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