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
Our Standards: The Thomson Reuters Trust Principles.