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Santander's Q3 net profit swings back into the black

Credit: REUTERS/EDGARD GARRIDO

Spain's Santander on Tuesday said its net profit more than trebled in the third quarter to 1.75 billion euros ($2.07 billion) compared to the same period a year ago when earnings were affected by multimillion one-off charges in the U.K.

Gives breakdown on Q3 results

MADRID, Oct 27 (Reuters) - Spain's Santander SAN.MC on Tuesday said its net profit more than trebled in the third quarter to 1.75 billion euros ($2.07 billion) compared to the same period a year ago when earnings were affected by multimillion one-off charges in the U.K.

In the second quarter, the euro zone's third-biggest lender in terms of market value had reported a record net loss of 11.1 billion euros on COVID-19 related writedowns.

On underlying terms, the bank's third-quarter net profit however fell 18% due to more coronaviurs related provisions, it said.

($1 = 0.8465 euros)

(Reporting by Jesús Aguado; editing by Inti Landauro and Ingrid Melander)

((jesus.aguado@thomsonreuters.com; +34 91 585 8339; Reuters Messaging: Reuters Messaging: jesus.aguado.reuters.com@reuters.net))

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