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 xavier.fontdegloria@wsj.com

 

(END) Dow Jones Newswires

October 27, 2021 07:24 ET (11:24 GMT)

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