- Santander’s fourth-quarter profit plunged 90% to 277 million euros ($333.5 million) on Wednesday.
- It posted a record annual loss of 8.77 billion euros ($10.5 billion) after setting aside higher loan-loss reserves.
- The bank still intends to pay the maximum cash dividend allowed in accordance with the ECB.
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Spanish lender Santander posted a sharp drop in fourth-quarter profit Wednesday on higher restructuring costs and provisions to weather the impact of the pandemic.
The bank’s quarterly profit fell 90% to 277 million euros ($333.5 million) compared to the same period a year ago, missing the $411 million euros ($494.7 million) estimate of analysts polled by Reuters. However, estimates varied between 102 million euros to 616 million euros.
The bank posted its first ever annual loss of 8.77 billion euros ($10.