Spain’s Santander reported a record net loss of $13 billion in the second quarter, taking the biggest hit yet for a European bank
) reported a record net loss of 11.1 billion euros in the second quarter, taking the biggest hit yet for a European bank dealing with the coronavirus crisis which it tried to offset with lower costs.
Santander’s core markets spanning Brazil to Spain have been some of the hardest hit by the pandemic, with weaker emerging market currencies exacerbating the pain. Santander reiterated its guidance for cost of risk, a measure of the cost of insuring its loan book, at between 130 basis points and 150 basis points by the end of 2020 after it rose in June to 126 basis points. It was 100 bps in March.
Net interest income, a measure of earnings on loans minus deposit costs, fell 14% to 7.72 billion euros due to pressure from low interest rates, while revenues fell 15% to 10.46 billion euros. Santander Chairman Ana Botin said the bank was committed to raising its ROTE to 13%-15% in the medium term and would provide an update on its strategic plans in the coming months.
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