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Banco Popular takes a knock over bad loans

Wed 4th May 2011

Spain's Banco Popular earlier today reported that their profits for the first quarter of 2011 fell by 9.0% to 185.7 million euros following the effects of bad debts.

Nevertheless, the country's third largest bank still performed better that some industry insiders has predicted, with Dow Jones in particular forecasting profits of 154 million euros.

Between January and March of this year the bank reportedly put aside 836 million euros to counter the bad loans that it had on its books which, as a proportion of total lending, a key indicator of financial health, increased 5.44% from 4.91% over the same period last year.

The difference between interest paid on savings and interest earned on lending was down 22.3% at 515.5 million euros.

The Bank's core capital ration stood at was 9.33%, up from 8.74% last year, and ahead of the 8% minimum set by the Bank of Spain. The bank had already set aside 1.834 billion euros last year, which lead to a 23% fall in net profits for the year.

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