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Banco Santander Posts Loss In H1, Underlying Profit Down

Spanish Financial Group Banco Santander S.A. (BNC.L,BSBR,SAN) Wednesday reported a loss for the half year, with 9 percent down slide in revenues. The Group attributed the results to the spread of COVID-19 pandemic, reflecting a weaker economic environment, with lower interest rates and a sharp depreciation in some currencies.

For the first half, the Group's loss attributable to the parent totaled 10.8 billion euros, compared to a profit of 3.2 billion euros a year ago. Loss per share was 0.667 euros versus profit per share of 0.181 euros last year.

On an underlying basis, attributable profit to the parent slid by about 53 percent to 1.908 billion euros, conditioned by rise in provisions, mostly related to COVID-19. On the same basis, earnings per share declined by 57.5 percent to 0.098 euros.

The Group recorded a pre-tax loss of 6.4 billion euros in the first half, affected by the adjustment in the valuation of goodwill. This compares to last year's pre-tax profit of 6.5 billion euros.

For the first half, the Group's revenue slid by 9 percent to 22.3 billion euros. Net interest income declined by 8 percent to 16.2 billion euros, and net fee income fell 12 percent to 5.14 billion euros.

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