Santander Q1 Attributable Profit Dips On COVID-19 Reserve Build

(RTTNews) - Banco Santander S.A. (BNC.L, BSBR, SAN) reported Tuesday that its first-quarter attributable profit plunged 82 percent to 331 million euros from 1.84 billion euros last year.

The latest results included net charge of 1.65 billion euros, primarily due 1.6 billion euros reserve build related to COVID-19.

Underlying profit was 1.98 billion euros, up 1 percent.

Profit before tax dropped 3 percent from last year to 3.56 billion euros.

In the quarter, total income dropped 2 percent to 11.81 billion euros from 12.09 billion euros a year ago. Total income grew 3 percent on a constant currency basis.

Net interest income dropped 2.2 percent to 8.49 billion euros. Net interest income grew in seven of the ten core markets and net fee income rose by 3 percent.

Looking ahead, Santander said it will continue to review both the development of the crisis and the medium-term strategic objectives once the economic impact of the crisis is clear.