Report
Steven Gould

Santander : Q2 2020: has the worst really been taken into account? Perhaps not…

>A quarter marked by significant one-offs… - The group has reported Q2 2020 figures muddied by the recording of significant one-off items. Santander reported a massive net loss of € 11.1bn, mainly because of a total of € 12.6bn of goodwill impairments and DTAs, a large portion of which were in the UK (~€ 6.1bn) and the US (~€ 2.3bn). Stripping out these one-offs, the group reported a net profit some way ahead of expectations at around € 1.5bn (vs consensus € 830m), re...
Underlying
Banco Santander S.A.

Banco Santander is a holding company, providing a range of financial products. Co.'s products and services include: retail banking business that covers all customer banking businesses; wholesale banking business; as well as asset management and insurance business. Co.'s principal operations are in Spain, the U.K., Portugal, Germany, Italy and Latin America. As of Dec 31 2014, Co.'s total assets amounted to Euro1,266,296,000,000 and total customer deposits amounted to Euro647,627,000,000.

Provider
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

Analysts
Steven Gould

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