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Markets News

Spain's Liberbank Q3 net profit falls 25% on COVID-19 provisions

MADRID, Oct 26 (Reuters) - Spain’s Liberbank, which is in negotiations with rival Unicaja to create the country’s fifth biggest bank in terms of total assets, said on Monday its third-quarter net profit fell 25% to 18 million euros ($21.30 million) 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 in the quarter, out of which 33 million euros were related to the COVID-19 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.

$1 = 0.8451 euros Reporting by Jesús Aguado, Editing by Inti Landauro

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