Sovereign Bancorp 2nd-qtr profit falls 14 pct

NEW YORK, July 23 (Reuters) - Sovereign Bancorp Inc SOV.N, the second-largest U.S. savings and loan, on Wednesday said second-quarter profit fell 14 percent, as rising credit losses offset the benefit of an improved lending margin.

Net income for the Philadelphia-based company fell to $127.4 million, or 22 cents per share, from $147.5 million, or 29 cents per share, a year earlier. (Reporting by Jonathan Stempel; Editing by Gerald E. McCormick)