Spanish banks coronavirus

Spanish Banks coronacrisis

Spain’s Big Banks Lose €5.55 Bn Due To Coronavirus; Santander Posts Losses In Its Annual Results For The First Time

Santander, BBVA, CaixaBank, Bankia, Sabadell and Bankinter posted combined losses of €5.55 Bn last year, with their accounts badly affected by the coronavirus, compared to the more than €13.5 Bn achieved in 2019. These negative figures are mainly due to the great losses suffered by Santander, €8.77 Bn, the first of its history, compared to the €6.51 Bn it earned in 2019. Santander’s losses came after increasing provisions for the covid-19 crisis and assuming an impairment of €12.6 Bn in the value of its subsidiaries in the UK, the US and Poland.

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Ibex Banks’ Capitalization Has Dropped 40% in the first semester 2020

The market capitalisation of Spain’s six leading banks has slumped by approximately 53.11 billion euros. All the lenders recorded declines in their share prices, which ranged from 39.3% for CaixaBank to 54.9% for Banco Sabadell. The combined market capitalization of the six banks at the end of the first half was 76.398 billion euros, compared to 129.509 billion end-2019.