Spain's Santander books second-quarter record loss of 11.1 billion euros on writedowns

Pedestrians pass by a Santander Bank branch in New York.
Scott Mlyn | CNBC

Spain's Santander on Wednesday reported a net loss of 11.1 billion euros ($13 billion) in the second quarter after it booked writedowns reflecting a lower valuation of some previous acquisitions resulting from the COVID-19 pandemic fallout.

The euro zone's second-biggest bank by market value said it booked impairments worth 12.6 billion euros in the quarter.