Santander’s Record Profit Is Overshadowed by Brazil Charge

Shares of Banco Santander SA fell as Spain’s largest bank reported an unexpected charge at its Brazilian business in the second quarter, overshadowing a record profit and a new share buyback.

Santander fell as much as 3.1%, leading European banks lower, after booking a €467 million ($540 million) charge to reflect “expectations of a more complex economic environment” in Brazil, its biggest market outside Spain.