Santander Profit Drops on Spain, Insurance Reserve in U.K.
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Banco Santander SA, Spain’s biggest bank, said second-quarter profit fell 38 percent as loan losses rose in Spain and Brazil and the company set aside money to compensate U.K. customers mis-sold mortgage-loan insurance.
Net income dropped to 1.39 billion euros ($2 billion) from 2.23 billion euros a year earlier, the Santander, Spain-based bank said in a filing to regulators today. Earnings missed the 2.05 billion-euro average estimate of 13 analysts surveyed by Bloomberg as the lender set aside 620 million euros to cover future U.K. loan-protection claims.