Santander Q1 underlying profit rises to 3.56 billion euros
Santander reported a record quarterly underlying profit of 3.56 billion euros. Higher revenues offset new provisions for UK motor finance at its digital unit.
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BANCO SANTANDER SA grew its Q1 underlying net profit 12.5% to €3.56 billion as higher lending income offset rising credit provisions. The result from Spain's largest lender fell slightly short of the €3.58 billion average estimate in a Reuters poll. Diversified revenue streams are protecting the balance sheet from legacy legal costs in the United Kingdom.
