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Financials

Santander expects no coronavirus impact on its Q1 business

MADRID, March 17 (Reuters) - Spain’s Santander said on Tuesday it does not expect “any relevant impact” from the coronavirus epidemic on its business in the first quarter though it expects a hit on its annual results.

The euro zone second-biggest bank in terms of market value said a V-shape impact scenario would represent a negative 5% impact on its 2020 profit though it is still early to know for sure.

A V-shaped recovery is characterised by a sharp economic decline followed by a quick and sustained recovery.

“Looking ahead, at this stage it is too soon to predict the impact and will depend on how the situation evolves, the bank said in a presentation on Tuesday.

The bank added it is taking all necessary action to protect well being of employees, customers and shareholders.

Reporting by Inti Landauro; editing by Jesús Aguado and Jason Neely

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