September 28, 2021

Santander profit beats forecasts on strong U.S. and UK markets

By Jesús Aguado

MADRID (Reuters) – Spain’s Santander on Wednesday beat forecasts with a 35% rise in second-quarter underlying profit, which nearly returned to pre-pandemic levels on the back of fast economic recovery in its U.S. and UK markets.

The euro zone’s second-biggest lender in terms of market value reported a net profit of 2.07 billion euros ($2.45 billion). The result topped the 1.76 billion euros forecast by analysts polled by Reuters and almost matched the 2.1 billion euros recorded in the second quarter in 2019, before the outbreak of the coronavirus pandemic.

Last quarter’s net and underlying profit remained the same as the bank did not book any one-off gains or charges. A year ago, pandemic-related writedowns led to a record net loss of

11.1 billion euros.

“We are on track to outperform our profitability target for the year,” Santander boss Ana Botin said in a statement.


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