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Loan provisions cut Santander profit

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Loan provisions cut Santander profit

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Spain’s Banco Santander’s net profit fell 4.5 percent in the first half of the year to just over 4.5 billion euros, but that was better than analysts had forecast.

However the euro zone’s largest bank had to more than double the amount of money put aside to cover loans that are not being repaid. Santander said it is on track to equal last year’s profit of almost nine billion euros.