Santander added to its pile of shaky loans in Q1
‘Stage two’ assets made up 7% of its total at end-March
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
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