Santander Books Q2 Net Profit of 2.07 Billion Euros on Lower Provisions

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Updated: Jul 28, 2021, 06:59 UTC

MADRID (Reuters) - Spain's Santander on Wednesday reported a net profit of 2.07 billion euros ($2.45 billion) in the second quarter after multibillion losses last year thanks to lower provisions and to a solid performance in the U.S. and UK.

View of Santander financial agency branch in Madrid

In the second quarter of 2020, Santander reported a record net loss of 11.1 billion euros on writedowns to reflect a lower valuation of some previous acquisitions resulting from the COVID-19 pandemic fallout.

The euro zone second-biggest bank did not set aside any specific COVID-19 related provisions in the quarter.

Analysts polled by Reuters expected Santander to book a net profit of 1.76 billion euros in the April to June period.

($1 = 0.8460 euros)

(Reporting by Jesús Aguado; editing by Inti Landauro)

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