Spain’s largest bank, Banco Santander announced that its 3Q profits remained steady at €2.22 billion.

Despite doing a decent business in Britain, bank’s loan losses had gone up during the period.

European zone’s largest bank said that its third quarter revenue surged 11% year on year, and profits by Santander units, which were located in Britain, rose 58% to 1.16 billion pound sterling till September.

Despite having such a fantastic run, non-performing loans continued to sink bank’s bottom line.

Net loan-loss during the quarter came up by 44% to €2.57 billion from the same period of the previous year.

The bank also said that for the time until September, provisions for bad loans have risen 47%.

Santander’s strong run in Britain is credited largely to its two acquisitions. The first one is Bradford and Bingley, which was bought by Santander in September 2008, and the second one, is Alliance and Leicester, which Santander purchased in October 2008.