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Banco Santander SA on July 27 reported first-half profit attributable to the group of [euro]3.50 billion, or 39.22 cents per share, compared to [euro]4.45 billion, or 50.95 cents per share, in the year-ago period.
The Spanish lender attributed much of the [euro]944 million decline in profit to a [euro]620 million extraordinary provision for payment protection insurance remediation in the U.K. Excluding the provision, profit in the first half would have stood at [euro]4.12 billion, a decline of 7.3% year over year, compared with the 21.2% decline when the provision is included. The fund covers potential claims for PPI sold in the U.K.
On a year-over-year basis, the bank's first-half attributable profit from continental Europe decreased 17.2% year over year to...