Santander Is Expected to Release Part of Its Pandemic-Related Provisions in 4Q
27 October 2021 - 10:39PM
Dow Jones News
By Xavier Fontdegloria
Banco Santander SA said Wednesday that it intends to release in
the fourth quarter some of the provisions it set aside during the
Covid-19 pandemic.
The Spanish lender will release between 700 million and 1
billion euros ($811.7 million-$1.16 billion) in the fourth quarter
on the back of a better macroeconomic scenario, Chief Executive
Jose Antonio Alvarez said at a press conference.
The Spanish bank posted a net profit of EUR2.17 billion in the
third quarter, up 24% compared with the same period a year
earlier.
Write to Xavier Fontdegloria at xavier.fontdegloria@wsj.com
(END) Dow Jones Newswires
October 27, 2021 07:24 ET (11:24 GMT)
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