Santander’s global private banking unit reported attributable profit of EU41m ($53.6m), 13.5% less year-on-year in the first quarter of 2013.
The drop was due to a lower net interest income as the other P&L items increased, particularly fee income, which was up 13.1%.
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Global Private Banking includes Banco Banif in Spain and Santander Private Banking in Latin America and Italy for financial advice and asset management for HNW clients. The sections in Portugal and Latin America deal with domestic private banking.
In December last year, Banco Santander absorbed Banesto and Banif Private Bank, combining its private banking brands in Spain under the Santander name.
Total assets under management (AUM) stood at 107.5bn ($140.5bn) at the end of March, 3% higher than the end of last year.
Santander said AUM gains came in Brazil and from private international banking.
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