Santander’s net profit in the fourth quarter is multiplied by 8 and releases 750 million euros of provisions

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FILE PHOTO: A Santander logo is seen on a branch in central Madrid, Spain January 26, 2016. REUTERS/Andrea Comas

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MADRID, Feb 2 (Reuters) – Spain’s Santander (SAN.MC) on Wednesday reported an eightfold increase in net profit in the fourth quarter compared to the same quarter in 2020, thanks to lower provisions for loan losses and to a solid performance in its American and British markets.

During the quarter, Santander released 750 million euros ($845.25 million) of provisions related to COVID-19 at a time when some banks, mainly in the United States and Great Britain, are starting to reduce them. due to improving economic conditions.

The second bank in the euro zone recorded a net profit of 2.28 billion euros in the period from October to December against a net profit of 277 million euros realized in the same quarter in 2020 marked by hundreds of millions euros of restructuring charges.

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“Across all of our regions and businesses, we are delivering solid and consistent revenue growth, with the US and UK the best performers in 2021, and Brazil and Chile the most profitable banks in 2021. their peer group,” Santander president Ana Botin said. A declaration.

Net profit was in line with analysts’ forecasts polled by Reuters, but was still below the $2.78 billion net profit recorded in the fourth quarter of 2019 before the pandemic when the bank posted capital gains of more than $700 million. euros.

($1 = 0.8873 euros)

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Reporting by Jesús Aguado, editing by Inti Landauro

Our standards: The Thomson Reuters Trust Principles.

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