Economy Banco Santander loses 8,771 million in 2020 due to...

Banco Santander loses 8,771 million in 2020 due to provisions and write-offs

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The entity increases the provisions for the coronavirus and assumes a deterioration of 12,173 million in the value of its subsidiaries in the United Kingdom, the United States and Poland

Banco Santander lost 8,771 million euros in 2020, compared to the 6,515 million it gained in 2019, after increasing the provisions to face the coronavirus crisis and assuming a deterioration of 12,173 million in the value of its subsidiaries in the United Kingdom, United States and Poland.

According to the information sent today to the Spanish market supervisor, the CNMV, excluding these accounting adjustments, ordinary profit stood at 5,081 million in 2020, 38% less, in line with the objective advanced in October by the president of the group , Ana Botín. Solvency, as measured by the highest quality capital ratio CET1, rose to 12.34%, above the target range of 11-12%.

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