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Spain's Caixabank beats profit forecast in Q1

Source: Reuters - Thu 23rd Apr 2015
Spain's Caixabank beats profit forecast in Q1

Spanish lender Caixabank on Thursday said net profit doubled to EU375 million in Q1 of 2015, beating forecasts, as it was boosted by the acquisition of Barclays' local unit and an improving domestic economy.

The Barcelona-based bank said net interest income, or earnings from loans minus deposit costs, rose 14.6% from a year ago to EU1.14 billion, also beating forecasts, while its return on equity ratio (ROE), which measures profitability, was 3.4% at the end of March, up from December.

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