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Santander Sees Highest Profit in a Decade as Provisions Drop

  • Big decline in provisions helps power quarterly earnings beat
  • Lender booked 530 million-euro charge for restructuring costs
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Santander CFO on Earnings, Pandemic Recovery, Outlook
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Banco Santander SA delivered its highest adjusted profit in more than a decade as provisions for loan losses fell and its U.S. unit rebounded, bolstering Chairman Ana Botin’s bid to restore gains eroded during the pandemic.

The bank’s net income more than quadrupled, topping analyst estimates, as provisions fell by almost half. Underlying profit jumped to 2.14 billion euros, the highest result since the second quarter of 2010, helped by progress in the firm’s cost-cutting drive.