Embattled Portuguese bank Banco Espirito Santo reports that its equity tier 1 capital ratio is at 5% after reporting a loss today, which is below the 7% regulatory minimum (and below the 9.8% it last reported).
The company lost 3.577 billion euros in the quarter after taking a 4.25B loss on impairments and contingency costs. Shares of the company were down more than 10% today ahead of earnings and are trading at 0.347 euros — the lowest since the crisis began.
It’s unclear how the company will raise capital, the market cap is slightly less than $2 billion.
