Spain’s Santander reported a record net loss of 11.1 billion euros ($13 billion) in the second quarter after it took the biggest hit yet for a European bank dealing with the impact of the coronavirus crisis. Santander’s core markets spanning Brazil to Spain have been some of the hardest hit by the pandemic, with weaker emerging market currencies exacerbating the pain. Of the total impairments, 10.1 billion are related to goodwill and 2.5 billion to DTAs, an instrument that grants tax breaks to companies when reporting losses or against certain provisions.
from Yahoo Finance https://ift.tt/3jN2srH
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