Yet Another Spanish Bank Reports Fall in 2010 Profits

 

Another of Spain's banks - this time Banco Popular, the country's third-largest listed bank, has reported a slide in profits for 2010.

Earlier today the Bank released it's figures for 2010, showing a 23% fall in net profits to 590.2 million euros, due to largely to having to make significant provisions for bad debt. The bank said in a statement that new banking regulations forced it to make such provisions amounting to a total of 1.834 billion euros for the year.

Net banking income for the year fell by 13.1% reaching 2.45 billion euros, it said while Q4 net profit fell by 40.2% to 68.8 million euros, with net banking income for the quarter being down 20.8% to 557.3 millions euros.

The figures showing a fall in profits echo statements made by Santander and BBVA banks, Spain's first and second largest banks, earlier in the week.

The government of Spain have recently announced new rules calling for stronger balance sheets for the banking sector as a whole in a bid to rebuild market fconfidence concerning Spain's bad debts.