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Santander Is Upbeat on Outlook Despite First-Ever Annual Loss

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Dow Jones
--Santander was hit by writedowns, bad-loan provisions and restructuring charges in 2020
--The bank targets higher profitability this year, as it expects vaccines to spur an economic recovery
--Executive Chairman Ana Botin said the lender isn't interested in M&A in Spain or Europe
By Pietro Lombardi
Banco Santander SA on Wednesday posted its first-ever annual loss in a year marked by the impact of the coronavirus pandemic, but was upbeat on its outlook for 2021.
Like many of its European peers, the Spanish bank--one of the eurozone's largest--had a tough 2020. The coronavirus forced it to book large impairments and set aside billions of euros for potential loan losses. It also booked significant charges related to its restructuring in Europe.

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