Santander Books Q2 Net Profit of 2.07 Billion Euros on Lower Provisions
In the second quarter of 2020, Santander reported a record net loss of 11.1 billion euros on writedowns to reflect a lower valuation of some previous acquisitions resulting from the COVID-19 pandemic fallout.
The euro zone second-biggest bank did not set aside any specific COVID-19 related provisions in the quarter.
Analysts polled by Reuters expected Santander to book a net profit of 1.76 billion euros in the April to June period.
($1 = 0.8460 euros)
(Reporting by Jesús Aguado; editing by Inti Landauro)