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Santander Puts the Fall in the Mortgage Business in Spain at 80%

The bank chaired by Ana Botín has reported that the signing of mortgages fell by 60% in April and that 45,000 clients have taken up the mortgage moratorium.

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On Tuesday, Banco Santander presented its results corresponding to the first quarter of 2020. The company has reduced its profit by 80% after making an extraordinary provision of €1.6 billion to mitigate the impact of the Covid-19 coronavirus on its business.

The financial institution has raised its loan loss provisions by 80%. In this way, the doubtful portfolio has gone from 68% recorded at the end of 2019 to 71% in March. The default rate, which does not yet reflect the impact of the crisis, stands at 3.25%, slightly below the figure registered in December (3.32%)

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