⁍ Spain’s largest bank said it now expects to book an underlying profit of around 5 billion euros for 2020.
⁍ Santander’s statutory net profit trebled in the period from a year ago.
⁍ But on an underlying basis profit fell 18% to 1.75 billion euros due to coronavirus-related provisions.
– Santander, the biggest bank in Spain, posted stronger-than-expected third-quarter earnings Tuesday and said it expects to return to profitability in 2020. The bank, which has been struggling since the financial crisis, said it now expects to have an “underlying profit” of about $6.9 billion in 2020, up from its previous forecast of about $6.2 billion, Reuters reports. The bank’s shares rose more than 4% in early trade.
Source: https://www.reuters.com/article/santander-results/update-5-santander-signals-worst-may-be-over-after-solid-third-quarter-idUSL8N2HI0MN