Santander reported October 28 that third-quarter net profit fell 2% from a year earlier to €3.43 billion, even as its separate underlying earnings measure increased.
The Spanish bank recorded a 22% increase in net loan-loss provisions to €3.49 billion, The Wall Street Journal reported. These provisions represent money set aside against potential credit losses.
Reuters reported underlying net profit of €3.85 billion, up 19%, supported by recent acquisitions in Britain and the United States. Underlying revenue increased 12% and fees rose 11%.
Reported profit included €416 million in impairment and restructuring charges, mainly connected with the Webster acquisition, according to Reuters. Those charges help explain why the underlying and reported measures moved in different directions.
The distinction matters when comparing performance: underlying profit excludes specified charges, while the reported figure includes them. Both reports describe completed quarterly results announced Wednesday, rather than forecasts for the remainder of the year.
Sources Reuters: https://www.reuters.com/business/finance/santanders-q3-underlying-net-profit-up-19-backed-by-acquisitions-2026-10-28/ The Wall Street Journal: https://www.wsj.com/business/earnings/santander-posts-lower-profit-after-increase-in-loan-loss-provisions-ba6371ef