Jump to content
House Price Crash Forum
koala_bear

Santander Profits Hit By Bad Loans In Spain

Recommended Posts

http://www.bbc.co.uk/news/business-12354154

"Spanish bank group Santander saw full-year profits fall 8.5% in 2010 because of bad debts in its home market.

Net profits of 8.2bn euros ($11.3bn, £7bn) were hit by a 472m-euro provision for bad loans, in the wake of a collapsed property market and a severe recession with 20% unemployment.

But the group's profits would have been worse, were it not for a strong showing at its UK and Brazil units.

The group's British arm reported £2.3bn profits, up 11% on 2009.

It is believed that the Madrid-based bank intends to sell off a 20% stake in its UK business in the next six months via a flotation on the London Stock Exchange, expected to raise more than £3bn.

.....

The worsening figures in Spain partly reflect stricter accounting standards instituted by the Spanish central bank."

Tip of the iceberg as regards the accounting standards and Santander were stricter than virtually all the others!

Share this post


Link to post
Share on other sites
The worsening figures in Spain partly reflect stricter accounting standards instituted by the Spanish central bank.

Yes, the assets are now marked to hope, as opposed to fantasy.

Share this post


Link to post
Share on other sites

Don't worry it's contained locked in and the green shoots of recovery are visible

... there, corrected for you

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.