UPDATE 2-Santander's Brazilian bounce offsets profit hit from one-offs, Brexit
* Q2 net profit 1.28 bln euros, just above forecasts
* Hit by 368 mln euros of one-off charges
* Quarter on quarter profit in UK falls 14 percent
* Shares up 2.4 percent by 0822 GMT (Adds share reaction, analyst note, details)
By Angus Berwick and Jesús Aguado
MADRID, July 27 (Reuters) - Santander's profit was slightly above forecasts in the second quarter, despite falling 50 percent year-on-year, and the euro zone's biggest bank's shares rose on Wednesday on lower provisions for bad loans and an improvement in Brazil.
A 20 percent profit rise in Brazil over the first quarter pointed to a recovery in a country stuck in its worst recession in a century, offsetting a worse-than-expected performance by Santander in Britain after its vote to quit the European Union.
Overall, Santander reported net profit of 1.28 billion euros ($1.4 billion), just above analysts' forecasts. It was hit by net charges totalling 368 million euros from restructuring costs and a payment to the euro zone's resolution fund, which was set up to help wind down failed banks.
Santander shares had risen 2.4 percent by 0820 GMT and were close to the top of Spain's blue-chip Ibex index. The Spanish bank's shares have fallen around 17 percent over the last year against a 27 percent fall on Europe's STOXX 600 banking index. Continuación...