Banco Santander had an unexpected massive loss in the second quarter after it reported a €12.6bn ($14.76bn) impairment following the impact of the coronavirus pandemic on the economic outlook.

Net loss for the period was €11.13bn. The results compare with analysts’ expectation of a net profit of €838m on revenue of €10.60bn, according to a consensus forecast provided by FactSet.

Pietro Lombardi

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