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Santander Puts the Fall in the Mortgage Business in Spain at 80%
28 April 2020 – Brainsre.news
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.
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%)
Original Story: Brainsre.news
Translation/Summary: Carmel Drake