⁍ Liberbank’s third-quarter net profit fell 25% due to more COVID-19 related provisions.
⁍ Analysts polled by Reuters expected a net profit of 19 million euros.
⁍ The bank said it booked a total of 39 million euros in loan loss provisions.
– Liberbank, Spain’s fifth-biggest bank by assets, said its third-quarter net profit fell 25% due to provisions related to the Pandemic virus, Reuters reports. The bank, which is in negotiations with rival Unicaja to create the country’s fifth biggest bank in terms of total assets, said it booked a total of 39 million euros in loan loss provisions in the quarter, out of which 33 million were related to the Pandemic. European banks are under growing pressure to join forces to deal with rising bad debts and record-low interest rates as they battle the fallout from the novel coronavirus pandemic.
Source: https://www.reuters.com/article/liberbank-results/spains-liberbank-q3-net-profit-falls-25-on-covid-19-provisions-idUSL8N2HE49A