Santander posts 4.9 pct fall in Q1 net profit on Brazilian gloom

MADRID, April 27 (Reuters) - Banco Santander (Amsterdam: 817651.AS - news) , the euro zone's biggest bank, on Wednesday posted a 4.9 percent fall in first quarter net profit from a year earlier, hit by a deepening recession in Brazil, its second biggest market.

Santander, which makes the biggest chunk of its profit in Britain and Brazil, reported net profit of 1.63 billion euros ($1.84 billion), beating analysts' forecasts of a 12.5 percent decline in a Reuters poll.

Net (LSE: 0LN0.L - news) interest income, a measure of earnings on loans minus deposit costs, was 7.62 billion euros, down 5.2 percent from a year ago, mirroring pressure on margins experienced by other Spanish banks. ($1 = 0.8850 euros) (Reporting by Angus Berwick; Editing by Jesus Aguado)