The board of directors will consolidate any dividend payment from 2020 earnings into a single payment in May 2021. The final amount will be proposed by the board to the AGM once the full impact of the pandemic is known.

Santander has also created a fund, financed by a reduction in senior management, board compensation and employee contributions, to provide medical equipment and supplies to help limit the spread of the virus. The bank expects the initial value of the fund will be at least €25 million.

Group executive chairman, Ana Botín, and chief executive officer, José Antonio Alvarez, have agreed to reduce their total compensation for 2020 by 50%