BSCH reported net profits up 36% at E1.64bn in the first 9 months. The weak Euro / strong dollar, economic growth and reduction in bad debt in South America and some growth in Spain were the main growth factors. Many South American countries use dollars for business transactions or have currencies linked to the dollar. South and Central America accounted for 60% of the profits for the 9 month period. Spain showed growth in income and costs were helped by the closure of 484 branches. The branch closures and other measures led to a 3 points drop in the cost:income ration to reach 55.
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