Pandemic Banco Santander earns 40.8% less until September due to provisions
After 50 years, Banco Santander will take early retirement to reduce its workforce by 3,572 employees and will outsource to another 1,100
Banco Santander lost 8,771 million euros in 2020, compared to the 6,515 million it earned 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 supervisor of the Spanish market, 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 Booty.
Solvency, measured by the highest quality capital ratio CET1, rose to 12.34%, above the target range of 11-12%.
According to the criteria of The Trust Project
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