Spain's CaixaBank reports profits halved
AFP · 24 Apr 2014, 17:06
Published: 24 Apr 2014 17:06 GMT+02:00
- Spain's households get 25 percent richer in 2013 (21 Apr 14)
- Barclays to sell Spanish business: Reports (04 Apr 14)
- Spain dumps stake in €20bn 'catastrophe bank' (28 Feb 14)
Spain's third biggest bank by capitalization said its ratio of bad loans as a portion of total loans fell to 11.36 per cent from 11.66 per cent in the same year-ago period.
It was the first time that its bad loan ratio has fallen since 2008, when Spain's decade-long property boom collapsed, causing millions of people to lose their jobs.
Net interest income, or earnings from loans minus funding costs, inched up 0.1 per cent to €993 million.
"What we have noticed, especially during the final quarter, points to an improvement in net interest income, a gradual reduction in doubtful debts and the stabilisation of damaged assets," CaixaBank vice president Joan Maria Nin told a news conference.
CaixaBank's 2013 first-quarter results were boosted by the first time consolidation of earnings from Banca Civica and Banco de Valencia, two troubled regional savings banks which the lender acquired.