|Bid||2.3100 x 300400|
|Ask||2.3200 x 321800|
|Day's range||2.2800 - 2.3300|
|52-week range||1.9000 - 4.7400|
|Beta (5Y monthly)||1.49|
|PE ratio (TTM)||4.81|
|Forward dividend & yield||N/A (N/A)|
|Ex-dividend date||30 Oct 2019|
|1y target est||N/A|
Santander Consumer USA Holdings Inc <SC.N> said on Tuesday it had agreed to make changes to its underwriting practices as part of a $550 million (448.7 million pounds) settlement with 33 states and the District of Columbia over subprime auto loans. The states said Santander violated consumer protection laws by placing borrowers with subprime credit into auto loans it knew carried a high probability of default. Santander has agreed to pay $65 million for restitution for some customers and to waive deficiency balances on loans worth $478 million.
A banking lobby group called on Tuesday for the European Union to further soften a capital measure to ensure banks do not run out of headroom to help companies hit by the coronavirus crisis. The Association for Financial Markets in Europe (AFME) said the European Central Bank (ECB) has estimated that such measures will free up 120 billion euros ($131 billion) to support 1.8 trillion euros of additional lending. "The question is are these changes going to be sufficient to furnish banks with enough capacity to provide the support to their customers that is going to be needed in the coming downturn, let alone the recovery?" Michael Lever, head of prudential regulation at AFME, said in a blog post.
Santander <SAN.MC> on Tuesday announced the appointment of Antonio Simoes, head of global private banking at HSBC <HSBA.L>, as its regional chief for Europe, one of the Spanish bank's three big geographical regions. Simoes joins Santander from the HSBC, where he has led a number of businesses over the past 13 years in London and Hong Kong, at a time when the Spanish bank is focused on cost cuts in Europe. "Antonio will join the bank on Sept. 1, subject to regulatory approval, and will have managerial responsibility and oversight of the bank's businesses in Europe with reporting lines from the country heads of Spain, Britain, Portugal and Poland," Santander said in a statement.
British banks' lending to firms hit by the coronavirus under the government's main loan guarantee scheme for small and medium-sized firms has risen to 5.5 billion pounds ($6.8 billion) from 4.1 billion pounds last week, industry data showed on Thursday. Regulators and politicians have criticised banks for the slow pace of lending under the Coronavirus Business Interruption Loan Scheme (CBIL), which is 80% guaranteed by the taxpayer. UK Finance, the trade body for lenders, said its members had approved 33,812 of the 62,674 completed loan applications they had received as of May 6.
The Bank of England said it will allow banks to exclude state-backed small company loans made under Britain's new emergency coronavirus Bounce Back credit scheme from leverage rules, removing a possible disincentive for banks to lend. "The PRA (Prudential Regulation Authority) is offering a modification by consent for banks subject to the UK Leverage Ratio Part of the PRA Rulebook to exclude loans under this scheme from the leverage ratio total exposure measure, if they choose to do so," the BoE said in a statement.
HSBC, Lloyds, Barclays, RBS, and Santander this week all set aside large provisions to cover an expected spike in loan losses linked to the coronavirus crisis.
Government-backed bank lending to small and medium-sized British businesses hit by the coronavirus rose to 4.1 billion pounds ($5.1 billion) as of April 28, up from 2.8 billion pounds the week before, trade body UK Finance said on Thursday. The Bank of England has criticised banks for the slow pace of lending under the Coronavirus Business Interruption Loan scheme, which is 80% government-backed, and on Monday the government launched a new scheme for 100%-backed loans of up to 50,000 pounds for the smallest firms.
Banco Santander Brasil SA's <SANB11.SA> chief executive, Sergio Rial, on Tuesday said the bank is implementing a series of measures aimed at helping it weather the coronavirus crisis, such as reducing credit card risk and cutting technology spending. Rial said in an interview with Reuters that he cannot yet foresee the pandemic's full impact on the bank's results, although loan delinquencies and losses are likely to go up after a forecast-beating first quarter that sent its shares soaring. Currently, 3% of Santander's outstanding loans are more than 90 days past due.
Banking giant Santander's quarterly net profit dived by 82% as it set aside 1.6 billion euros ($1.7 billion) to cover expected loan losses caused by the COVID-19 pandemic. The euro zone's second-largest bank by market value, after BNP Paribas, reported a net profit of 331 million euros for the first quarter that ended in March. Excluding extraordinary provisions, which also included 46 million euros of restructuring costs in Europe, Santander's underlying quarterly profit rose 1% to 1.98 billion euros.
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Its net profit was 100 million zloty below expectations of analysts polled by Reuters and 168 million zloty lower than a year before. The bank, Poland's biggest non-state lender, said it had decided to create a 119 million zloty provision related to "unexpected credit losses" connected to uncertainty over the coronavirus impact on the economy. The results were worked out in the first quarter, while the first coronavirus infection was registered in Poland on March 4.
Banco Santander (BSBR) is seeing favorable earnings estimate revision activity and has a positive Zacks Earnings ESP heading into earnings season.
Britain's banks have provided 2.8 billion pounds ($3.5 billion)in emergency loans to small and medium-sized companies under a government-backed scheme to help businesses survive the coronavirus lockdown, an industry group said on Thursday. UK Finance said total lending under the Coronavirus Business Interruption Loan Scheme (CBILS) had grown by 1.45 billion pounds in the week from April 14. UK Finance said lenders have received over 36,000 completed applications so far, of which 16,624 had been approved to date.
Banks are calling on European regulators to match the U.S. Federal Reserve's plan to relax a rule that measures a bank's capital reserves to promote the flow of cash to businesses hit by the coronavirus crisis. Earlier this month, the Fed proposed a temporary easing of a supplementary leverage ratio rule that applies to the biggest U.S. banks that have assets of more than $250 billion. This would allow the U.S. banks to expand their balance sheets by lending more to customers hit by the pandemic, but without busting their leverage ratio cap of 3% of capital to total assets.