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Santander multiplies its profit by five thanks to the reduction in provisions

MADRID, Apr 28 (Reuters) – Spanish bank Santander said on Wednesday that its net profit in the first quarter increased almost fivefold, as it did not account for provisions related to the COVID-19 pandemic like a year ago and its US unit posted strong performance.

The second largest bank in the euro zone by market value made a net profit of 1,608 million euros (1,940 million dollars), compared to 331 million euros in the same quarter of the previous year.

(1 dollar = 0.8282 euros)

(Information from Jesús Aguado, edition of Inti Landauro, translated by Tomás Cobos)

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