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Spanish property writedowns dent Santander's profit

Date : (News Section: Spain)

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Spanish property writedowns dent Santander's profit
Santander announced on July 26th that its first-half profits are 51 per cent lower than in 2011.

The financial services provider took a heavy hit after it wrote off a further €2.8 billion (£2.2 billion) relating to bad Spanish property loans and repossessions.

Chairman of the bank Emilio Botin commented: "The provisions we are making will allow us to put real estate write-offs in Spain behind us by the end of this year."

The government introduced legislation earlier in 2012 to force the country's financial institutions to make provisions for potential losses on property.

Santander stated it has now set aside 70 per cent of the required amount - a total of €6 billion to date - with a further €2.8 billion still required to meet its target by the end of this year.

Reuters reported that CaixaBank and Popular, which are both set to report earnings on July 27th, are expected to post significantly reduced profits as a result of having to make more provisions for bad property loans.

According to the news provider, CaixaBank will see its profits drop by 83 per cent year-on-year, while Popular will post a 50 per cent decline.
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Article by +Steve Binge on behalf of Propertyshowrooms.com

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