“Our underlying quarterly operating performance was strong, with a relatively limited impact from COVID19. The pandemic is, however, causing a global health crisis and significant economic and social distress as a result.

While the final and more permanent impact is currently impossible to predict, we are operating from a position of strength. Our CET1 capital ratio has increased more than 300 basis points over the last five years and the provisions we have taken in this quarter further strengthen our coverage ratios.

We will review our strategic targets once we have a more complete understanding of the full impact of the crisis. However, we are confident in the fundamentals of our business model and the pillars of our strategy remain unchanged. We believe we are well positioned to withstand the anticipated downturn, supported by our well-diversified and highly-collateralised portfolio and robust balance sheet”.

ANA BOTÍN, GROUP EXECUTIVE CHAIRMAN OF BANCO SANTANDER