Santander Is Expected to Release Part of Its Pandemic-Related Provisions in 4Q

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 [e-mail]

(END) Dow Jones Newswires

10-27-21 0724ET