Annual report 2009 - Santander

90Net operating incomeMillion eurosAttributable profit to the GroupMillion euros6,060 5,9185,7285,2544,984 4,6574,5184,3812,5242,4232,206 2,2052,221 2,2021,941 2,096Q1’08 Q2’08 Q3’08 Q4’08 Q1’09 Q2’09 Q3’09 Q4’09Q1’08 Q2’08 Q3’08 Q4’08 Q1’09 Q2’09 Q3’09 Q4’09This sharp year-on-year rise reflects the impact of theincorporation of new units (approximately 17 p.p. of theincrease) and the organic increase in most of the business unitsfor various reasons. The first and most important one is themacroeconomic environment which deteriorated significantly.The second, and to a lesser extent, is the change of mix of theportfolio in previous years toward more profitable products butwith a higher risk premium.ProfitProfit before tax was EUR 11,764 million. After the tax charge,the results from discontinued operations and minority interests,attributable profit was 0.7% higher at EUR 8,943 million.Earnings per share were EUR 1.0454, 14.4% lower than in2008, because of the capital increases in 2008 and thebeginning of 2009.The increase in the impairment losses on other assets was EUR310 million, basically because of the EUR 195 million provisionfor Metrovacesa in the first half.Other income and allowances, which includes those forpossible contingencies, was EUR 1,311 million negative (EUR426 million negative in 2008). Part of this growth is reflected inoperating businesses, as a result of the larger allowances andthe rest on a centralised basis. Of note were the costs related tothe acquisition of properties and to pensions and otherprovisions.Net loan-loss provisionsMillion eurosVariation2009 2008 Amount (%) 2007Non performing loans 10,516 7,306 3,210 43.9 4,115Country-risk (117) 100 (217) — (105)Recovery of written-off assets (915) (805) (110) 13.7 (612)Total 9,484 6,601 2,883 43.7 3,397Annual Report 2009Economic and Financial Review