April 28, 2020 / 4:57 AM / a month ago

Spain's Santander posts 82% fall in Q1 net profit on higher virus-linked provisions

MADRID, April 28 (Reuters) - Spain’s Santander posted an 82% year-on-year decline in first-quarter net profit on Tuesday as it booked more provisions for the potential impact from the coronavirus outbreak.

The euro zone’s second-biggest bank by market value reported a profit of 331 million euros ($358 million) for the January-March period, after it set aside 1.6 billion euros for the fallout from the COVID-19 pandemic.

$1 = 0.9244 euros Reporting By Jesús Aguado; Editing by Himani Sarkar and Inti Landauro

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