Santander results better than expected

MADRID, July 28 (.) – Spanish bank Santander posted a net profit of 2.07 billion euros ($ 2.45 billion) in the second quarter on Wednesday, following multimillion-dollar losses last year, thanks to lower provisions and strong performance in the United States and the United Kingdom.

In the second quarter of 2020, Santander recorded a record net loss of 11.1 billion euros, due to the reduction of provisions to reflect a lower valuation of some previous acquisitions as a result of the consequences of the COVID-19 pandemic.

The second largest bank in the euro zone did not reserve any specific provisions related to COVID-19 in the quarter.

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

(1 dollar = 0.8460 euros) (Information from Jesús Aguado; Inti Landauro edition) Translate serenitymarkets

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