Key Points: The euro zone's second-largest bank by market value reported a profit of 331 million euros ($358.11 million) for the first quarter ended in March.Overall loan-loss provisions rose 80% after the bank set aside 1.6 billion euros to offset the impact from COVID-19 based on the expected deterioration of the macroeconomic conditions arising from the health crisis.
Spain's Santander posted an 82% year-on-year slump in quarterly net profit on Tuesday as it booked higher provisions for expected credit losses from the coronavirus outbreak.
The euro zone's second-largest bank by market value reported a profit of 331 million euros ($358.11 million) for the first quarter ended in March.
Overall loan-loss provisions rose 80% after the bank set aside 1.6 billion euros to offset the impact from COVID-19 based on the expected deterioration of the macroeconomic conditions arising from the health crisis.
The respiratory disease caused by the new coronavirus has so far killed 23,521 people in Spain.
"We will review our strategic targets once we have a more complete understanding of the full impact of the crisis," Santander Chairman Ana Botin said in a statement.
Excluding extraordinary provisions, which included 46 million euros of restructuring costs in Europe, Santander's underlying quarterly profit rose 1% to 1.98 billion euros.
That was slightly better than an average analyst estimate of 1.8 billion euros drawn from a Reuters poll.
Banks worldwide have been taking measures to offset risk amid the crisis. U.S. lenders have set aside billions of dollars to cover potential loan defaults, while European players such as Credit Suisse and Deutsche Bank have been doing likewise.
原文地址：https://www.cnbc.com/2020/04/28/santander-earnings-q1-2020.html