Santander has set aside 620m euros (£548m) to cover potential payment protection insurance claims.
The provision is outlined in the Spanish bank’s results for the first half of 2011, which appeared this morning.
Santander said that its UK business’ profits, which stood at 346 m euros for the period in question, would have increased by 17% without the sum set aside for PPI claims.
Santander received the 11th most general insurance-related complaints out of all financial services companies in the second half of 2010, according to Financial Ombudsman Service statistics.
Santander chief executive Ana Botin said: "In line with other UK banks, a further provision for payment protection insurance remediation has also been made.”
Santander is the latest bank to make a provision for PPI claims following last May’s High Court reverse for the British Banking Association’s judicial review of the way the FSA and the FOS handle PPI claims.
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