Telephone Number Tel: (+34) 952 471 774 | UK Freephone UK Freephone: 0800 047 0597 | US Toll Free US Toll Free: +1-866 656 7152
Find Property For Sale in:

E.g. "Marbella" or "Manchester". Looking for more search options?
 
Secure Exit Strategy


Spanish property writedowns dent Santander's profit

Date : (News Section: Spain)

Share
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.

Article by +Steve Binge on behalf of Propertyshowrooms.com News Desk ()

You may also like to read...


Got something to say? Get involved


Related Articles

  1. Will Spanish property market recover as unemployment falls?
  2. Madrid property market has own peculiarities
  3. Property investment visa will give Spain a boost
  4. Spanish govt passes law to allow some coastal construction
  5. Toxic asset shedding threatened by Spanish economy



Let us search for you Let Us find Property in Spain for You

Fill out a requirements form and our experts will help you find a great selection of Properties for sale in Spain.
Let us searchHelp me find property in Spain
Investment Property

Subscribe to This Feed

RSS News
Subscribe to this RSS Feed
Country: Spain
Channel: All

More RSS FeedsGo

View News by ChannelProperty News in Spain

Media/Press SectionProperty News Search


   

News ArchivesNews Archives

View worldwide property news from as far back as 2005 in our News Archives Section.

View News ArchivesGo