According to reports, Spain’s Banco Santander’s second quarter net profit dropped by 38%, as the growth of Latin America was disrupted by a poor result in the crisis that hit Europe and the’ onetime charge in Britain’.

Also, the eurozone’s biggest bank by market capitalization net profit is said to have fallen to €1.39 billion between April and June, when compared with €2.23 billion for the last corresponding period.

Banco Santander, Spain’s largest bank, stated: “second-quarter profit fell 38 percent as loan losses rose in Spain and Brazil and the company set aside money to compensate U. K. customers mis-sold mortgage-loan insurance”.

However, the net income fell to 1.39 billion euros from 2.23 billion euros the previous year, and Santander, the Spain based bank is reported to have revealed this in a filing to regulators. Hence, earnings missed the 2.05 billion-euro average estimated by 13 analysts surveyed by Bloomberg, as the lender put aside 620 million euros to protect future U. K. loan.

Moreover, Santander is reported to have dropped as much as 3.6% in Madrid trading after a fall in profit in its three major markets; Brazil, the U. K. and Spain, which led to the bank reporting the lowest quarter result since 2005.