Santander 1Q Profit Fell as It Prepares for Surge in Loan Losses
April 28 2020 - 1:34AM
Dow Jones News
By Pietro Lombardi and Matteo Castia
Banco Santander SA has followed U.S. and European peers in
preparing for loan losses by increasing provisions, the latest sign
of the impact the coronavirus pandemic will have on European
banks.
The Spanish bank, one of Europe's largest, set aside 2.31
billion euros ($2.50 billion) in the first quarter for potential
loan losses, a 6% increase from the same period last year.
The higher provisions, coupled with lower revenue, contributed
to a 82% decline in attributable profit to EUR331 million, it said
Tuesday.
Revenue fell 2% to EUR11.81 billion.
Analysts had expected a net profit of EUR1.75 billion on revenue
of EUR11.86 billion and provisions for credit losses of EUR2.61
billion.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com and to
Matteo Castia at matteo.castia@dowjones.com
(END) Dow Jones Newswires
April 28, 2020 01:19 ET (05:19 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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