Expected European loan losses push up Santander’s Q4 credit reserves
Santander put aside more income to cover ailing loans in Spain and other European markets in Q4. Total loan-loss provisions (LLP) for the quarter hit €2.6 billion ($3.1 billion), up 3% on Q3. Over 2020 as a whole, set-asides came to a whopping €12.2 billion, which helped push the bank to its first-ever annual loss, of €8.8 billion.
Total allowances for loan-losses as a percentage of average loans and advances, also known as cost of risk (CoR), came to 1.28% for 2020, up from 1% in 2019. CoR
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