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Banco Popular profits slide 38 pct

Source: Reuters - Fri 26th Oct 2012
Banco Popular profits slide 38 pct

Spanish bank Popular reported on Friday 9-month net profit down 38% due to writedowns related to a massive government-forced clean-up of banks' exposure to a collapsed property sector.

Net profit for the period to end-September came in at €251 million.

Popular, 1 of 7 Spanish banks identified with a capital shortfall in a September independent audit, said it had made €3.9 billion of provisions during the period to cover losses related to bad property assets.