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Spain's Caixabank posts 164.5 pct increase in profit

Source: Reuters - Fri 25th Oct 2013
Spain's Caixabank posts 164.5 pct increase in profit

Spain's third-biggest bank by market value, Caixabank, on Friday said 9-month net profit had more than doubled to 458 Mln, as it booked lower provisions against bad debts than a year ago.

The Barcelona-based bank, part of La Caixa, beat analysts forecasts for a 426 Mln net profit. It had made 173 Mln in the same period a year ago.

Caixabank said net interest income, or earnings from loans minus deposit costs, had risen 3.2% to 2.94 Bln in the first nine months of the year, above analysts expectations in a Reuters poll.

The bank has benefited from several acquisitions in the past year, which lessened the drop/helped net lending income compared to some rivals.

This follows yesterday's news that Spain's largest Bank - Santander - announced profits had risen 77% over the same period to reach 3.310 Bln.