Posted on Tue, Nov. 10, 2009
Sovereign Bancorp Inc., which has been owned since January by Spain's Banco Santander N.A., swung to a $1.2 billion third-quarter profit from a $982 million loss in the same period a year ago thanks to a $1.3 billion income tax benefit.
Sovereign, which is based in Boston but has major operations in the Philadelphia region, said in its quarterly report to the Securities and Exchange Commission that credit problems continued mounting in most parts of its $57 billion loan portfolio.
The lender has set aside $1.9 billion to cover expected losses, up from $1.1 billion a year ago.
The company's Sovereign Bank has 6.6 percent ($8.38 billion) of the market share in the eight-county Philadelphia region based on deposits as of June 30, the most recent figures.
- Harold Brubaker
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