UPDATE 2-Santander's profits jump, raises cost-cutting target

martes 4 de noviembre de 2014 08:16 GYT
 

(Adds cost-cutting target, comments by CEO and analysts; refiled to delete repetitious wording in ninth paragraph)

* Q3 profit 1.6 bln euros, beats forecast

* Trading gains help, net income interest misses

* Bank to cut 2 bln euros in costs by 2016

* Shares up 0.4 pct

By Sarah White and Jesús Aguado

MADRID, Nov 4 (Reuters) - Santander, the euro zone's biggest bank, reported a sharp rise in third-quarter profits on Tuesday and said it would be cutting costs more aggressively to further improve margins.

Spain's largest bank by market value weathered the worst of the financial crisis and property market crash at home through earnings overseas, though a faltering economy in Brazil, one of its biggest income drivers, has weighed recently.

Now under the direction of Ana Botin, who was appointed as chairwoman in September after the death of her father, Emilio, the bank's net profit in the third quarter of the year increased 52 percent to 1.61 billion euros ($2 billion), beating analysts' forecasts as losses on problematic debts receded.   Continuación...