Systemic eurozone banks take €10bn in loan-loss provisions

Santander takes a whopping €3.9 billion out of income

Bracing for a flood of loan defaults because of the coronavirus crisis, top eurozone lenders held back billions of euros from first quarter income in loss provisions.

In aggregate, the eight eurozone global systemically important banks (G-Sibs) put aside €9.7 billion ($10.5 billion) for loan losses in Q1, up 42% from the previous quarter.

Banco Santander took the largest provisions of the group: €3.9 billion, up 52% quarter-on-quarter. This included a dedicated €1.6 billion overlay to address

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