Santander Q4 profits rise but fall over the year

Spanish banking group Santander reported a 35% rise in net profits for the fourth quarter.

Profits hit €2.78bn (£2.35bn), boosted by its key market in Brazil.

For the year, however, profits fell to €12.5bn from €14.2bn in 2018.

Santander said it saw a “slowing economic environment” in 2019 but it said uncertainty would be reduced by easing trade tensions between the US and China and following the general election in the UK in December.