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%)