Wed, 2020-04-29 02:52
MADRID: Banking giant Santander’s quarterly profit dived by 82 percent as it set aside €1.6 billion ($1.7 billion) to cover expected loan losses caused by the COVID-19 pandemic.
The Spanish bank, like its peers, has been taking steps to counter risk as the economy reels as a result of coronavirus. The loan-loss provisions rose 80 percent in the first quarter, though CEO Jose Antonio Alvarez said they had not been allocated to any specific markets.
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