Spain's Santander says Q1 net profit jumps five-fold on lower provisions

FILE PHOTO: A logo of Santander is seen on a branch in the Andalusian capital of Seville, southern Spain January 27, 2016. REUTERS/ Marcelo del Pozo/File Photo

MADRID (Reuters) – Spain’s Santander on Wednesday said its net profit in the first quarter jumped almost five times as it didn’t book COVID-19 related provisions like a year ago and its U.S. unit posted a solid performance.

The euro zone second-biggest lender in terms of market value booked a net profit of 1.608 billion euros ($1.94 billion) up from 331 million euros in the same quarter last year.

($1 = 0.8282 euros)

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