⁍ Spain’s Santander forecast an improvement of core profits for 2020.

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⁍ Its statutory net profit trebled in the third quarter compared to a year ago.

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⁍ The bank’s profit fell 18% in the same period to 1.75 billion euros.

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– Spain’s Santander returned to profitability in the third quarter after a record loss in the second quarter. The bank, the third-biggest in Europe by market value, reported a statutory net profit of ⁇ 2.07 billion ($2.07 billion) in the July-September period, up from ⁇ 1.58 billion a year earlier, reports Reuters. Underlying profits, however, fell 18% to ⁇ 2.07 billion due to more provisions for bad loans. “The recovery of our business is progressing well, and the third quarter was significantly stronger than the second,” Executive Chairman Ana Botin said in a statement. ” Revenues increased 18% in constant euros as activity returned close to pre-pandemic levels.”