SANTANDER: POSITIVE MESSAGES FOR TODAY’S CONFERENCE CALL WITH INVESTORS (ANÃLISIS BANCO SABADELL)
SAN has confirmed today in a presentation to investors that it does not expect a significant impact from COVID-19 in 1Q’20. For all of 2020, the company believes that it is still too soon to assess the extent of this impact, although if we were to assume V-shaped recovery, we would see a reduction of -5% in Net Profit’20, without taking into account any possible mitigating measures. According to our estimates, this would mean a drop of around -3% in Net Profit’20 vs. FY2019 (and of -5% according to the consensus). In this scenario, SAN also confirms it expects CET1 to come in at the high end of the 11-12% range (and vs. 11.65% in 2019). We welcome these messages, as they should at least bring some calm to the capital situation, the market’s main source of concern on the company. The key, however, will lie in the measures to be taken on the banking sector in order for them to get on the path to a V-shaped recovery.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.
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