Santander Takes Europe’s Biggest Provisions for Coronavirus [Yahoo! Finance News]
Banco Santander, S.A. Sponsored ADR (Spain) (SAN)
US:NYSE Investor Relations:
santander.com/csgs/satellite/cfwcsancomqp01/en_gb/corporate/shareholders-and-investors.html
Company Research
Source: Yahoo! Finance News
) -- Banco Santander SA reported the highest provisions by a bank in continental Europe so far this quarter as it attempted to put a number on potential loan losses caused by the coronavirus outbreak.Santander is holding back 1.6 billion euros $1.7 billion) specifically for losses linked to the virus. Total provisions jumped to a record 3.9 billion euros in the first quarter, causing net income to plunge 82% to 331 million euros, the bank said in a statement.Provisions have become the key focus of this year’s earnings season, with banks trying to estimate the impact of the global economic lockdown on its customers. Santander has spent most of the past decade cleaning up its balance sheet after Spain’s housing market collapsed in 2012, souring billions of euros of loans.Like many competitors, Santander was reluctant to set specific targets going forward as uncertainties remain over the virus’s impact and government economic relief efforts.“We will review our strategic targets once we h
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SAN
Earnings
- 10/30/25 - Beat
SAN
Sec Filings
- 12/4/25 - Form 6-K
- 12/2/25 - Form 6-K
- 11/28/25 - Form 6-K
- SAN's page on the SEC website