Santander books record €12.6bn costs amid Covid-19 banking hit               

The Spanish bank has recorded a net loss of €11.1bn in the second quarter with some of their core markets Brazil, one of the countries hardest hit by Covid-19

Despite record loss, Santander group say they were ahead of their cost savings plan. Picture: Juan Medina Reuters

Spain’s Santander reported a record net loss of €11.1bn in the second quarter, taking the biggest hit yet for a European bank dealing with the coronavirus crisis which it tried to offset with lower costs.

The eurozone’s second-biggest bank by market value said it had booked one-off charges worth €12.6bn as the economic deterioration caused by the Covid-19 pandemic forced it to writedown previous acquisitions, mainly in Europe.