Santander Takes Europe’s Biggest Provisions for Coronavirus
- Expected virus credit losses alone total 1.6 billion euros
- Bank’s total provisions jump to a record 3.9 billion euros
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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.