) reported a record net loss of 11.1 billion euros in the second quarter, taking the biggest hit yet for a European bank dealing with the coronavirus crisis which it tried to offset with lower costs.
Santander’s core markets spanning Brazil to Spain have been some of the hardest hit by the pandemic, with weaker emerging market currencies exacerbating the pain. Santander reiterated its guidance for cost of risk, a measure of the cost of insuring its loan book, at between 130 basis points and 150 basis points by the end of 2020 after it rose in June to 126 basis points. It was 100 bps in March.
Net interest income, a measure of earnings on loans minus deposit costs, fell 14% to 7.72 billion euros due to pressure from low interest rates, while revenues fell 15% to 10.46 billion euros. Santander Chairman Ana Botin said the bank was committed to raising its ROTE to 13%-15% in the medium term and would provide an update on its strategic plans in the coming months.
Wow, will executives stíll get their bonuses
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Covid-19 Cases Surge in Spain, Threatening Tourism RecoveryA surge in new infections threatens Spain’s vital tourism sector, underscoring the fragility of hard-fought gains in curbing virus in a country that was among the hardest hit in the West earlier this year. Can’t stop the virus, protect the vulnerable, next. Prayers4Spain Prayers4USA Prayers4World COVID19 Coronavirus Wow! imagine that, countries are now using their borders to control who comes into their country...... who woulda thunk
Source: WSJ - 🏆 98. / 63 Read more »
Spain sheds record number of jobs in second-quarter as COVID-19 bitesSpain lost one million jobs between April and June, its biggest ever quarterly decline, as one of Europe's strictest coronavirus lockdowns pulverised the tourism-dependent economy, official data showed on Tuesday. I guess you have never taken a glimpse at Mexico. It is throwing another 18 million into extreme poverty... which is going to increase insecurity and social unrest... this is worse than the “pandemic” itself.
Source: Reuters - 🏆 2. / 97 Read more »
UK quarantine on Spain is not disproportionate: junior ministerBritish junior minister Simon Clarke said the government disagreed with the Spanish prime minister's assessment that imposing a quarantine on travellers from Spain was disproportionate. SAY THAT AGAIN... The whole thing is a sham. Just look at how many people/professions are excluded from self isolating. Plus, plenty of countries on the green list with covid spikes - Japan and HK, for example. Thailand and Singapore not on the green list despite having controlled the outbreak. It is... Spain's numbers are distorted by Aragon, Cataluña and a neighbouring community..which are high...the rest of Spain, especially tourist hotspots like Costa Blanca/Costa del Sol are less than anywhere in the UK..with Canaries/Balerics with hardly any cases..
Source: Reuters - 🏆 2. / 97 Read more »
Mark Wright says he's looking 'podge' after bread and beer on holiday in SpainMark Wright said he's looking a 'little podge' after gorging on delicious Spanish cuisine while on his eight-day break but he plans to use his 14-day quarantine productively to get back into shape
Source: Mirror Celeb - 🏆 476. / 51 Read more »
Danielle Lloyd blasts government for last-minute flip-flop on Spain quarantineEXCLUSIVE Danielle Lloyd is said to be 'devastated' by the latest changes introduced by the UK government. The model was enjoying a trip to Spain with her husband when the strict self-isolation rules were introduced MissDLloyd 🙄🙄🙄 MissDLloyd The government get their timings so wrong and inconvenient
Source: Mirror Celeb - 🏆 476. / 51 Read more »
TUI UK cancels holidays to Spanish islands as Spain braces for tourism hitTUI UK said on Wednesday it had cancelled holidays to the Spanish Balearic and Canary Islands until Aug. 4 after Britain advised against travel there, acting on advice that has left Spain facing a deeper economic hit from the coronavirus crisis.
Source: Reuters - 🏆 2. / 97 Read more »