Investors’ faith in the profit outlook for Spain’s banks took another knock yesterday following poor quarterly results from Banesto – the Spanish bank part-owned by the country’s biggest lender, Santander .
Net profits slumped 88 per cent to €20m in the first quarter of the year as the lender implemented tough new provisioning requirements imposed by the government to better reflect deteriorating real estate prices.
“We expect profitability at the Spanish banks to remain under pressure as asset quality and loan-loss provisions remain the dominant feature of results,” Daragh Quinn, Nomura analyst, wrote in a note to clients.
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