Santander added to its pile of shaky loans in Q1

Spanish bank Santander downgraded the creditworthiness of another €1 billion ($1.2 billion) of loans over Q1, pushing its share of distressed exposures to 7% of its total lending portfolio, up from just over 5% a year prior.

Total exposures subject to IFRS 9 accounting rules at the bank amounted to €987 billion as of end-March, up around 2% quarter on quarter. Of these, €70 billion were classified as ‘stage two’, meaning they’d undergone a significant deterioration in credit quality since

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