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Spain's Santander books Q2 record loss of 11.1 bln euros on writedowns

Credit: REUTERS/JUAN MEDINA

Spain's Santander on Wednesday reported a net loss of 11.1 billion euros ($13 billion) in the second quarter after it booked writedowns reflecting a lower valuation of some previous acquisitions resulting from the COVID-19 pandemic fallout.

MADRID, July 29 (Reuters) - Spain's Santander SAN.MC on Wednesday reported a net loss of 11.1 billion euros ($13 billion) in the second quarter after it booked writedowns reflecting a lower valuation of some previous acquisitions resulting from the COVID-19 pandemic fallout.

The euro zone's second-biggest bank by market value said it booked impairments worth 12.6 billion euros in the quarter.

($1 = 0.8527 euros)

(Reporting by Jesús Aguado, Editing by Inti Landauro)

((jesus.aguado@thomsonreuters.com; +34 91 585 8339; Reuters Messaging: Reuters Messaging: jesus.aguado.reuters.com@reuters.net))

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