Spain's Banco Santander Takes EUR1.6 Billion Coronavirus Hit
April 28 2020 - 3:48AM
Dow Jones News
By Patricia Kowsmann
Banco Santander SA, a global retail bank based in Spain, said
Tuesday that it took a 1.6 billion euros ($1.73 billion) charge
related to the coronavirus outbreak in the first-quarter ended
March 31, driving its profit sharply lower.
Profit for the quarter fell 82% to EUR331 million from EUR1.84
billion a year ago, the bank said, adding it will review its
strategic targets "once we have a more complete understanding of
the full impact of the crisis."
European banks that have reported results so far have been all
over the place with their loan-loss charges, a reflection of the
economies they serve, their type of operations and also of the
leeway regulators have provided for the calculation of the possible
loan losses.
Santander is the largest bank in Spain, where the coronavirus
outbreak was one of the worst in the world. The country has been in
full lockdown for several weeks. The bank said that EUR9.6 billion
in loans have been approved or are being processed under a
state-guaranteed loan program to finance companies faced with lack
of revenue.
The bank's main profit source, however, is Brazil.
Write to Patricia Kowsmann at patricia.kowsmann@wsj.com
(END) Dow Jones Newswires
April 28, 2020 03:33 ET (07:33 GMT)
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