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Banca Civica says core capital 9.8 pct after listing

Source: Reuters - Wed 10th Aug 2011

Spanish savings bank Banca Civica , which made its bourse debut on July 21, said on Wednesday its core capital rose to 9.8% following the listing from 8.4 percent at the end of June.

The bank said its bad loans ratio rose to 5.43% from 4.7% end of last year.

Spain's battered savings banks have seen their number reduced to 18 from 45 in a restructuring amid the fallout from a collapsed property sector.

The banks have been given until September to recapitalise in line with strict new solvency rules, with Civica and Bankia , also recently listed, choosing to list to raise capital.

Both Banca Civica And Bankia passed European Union-wide bank stress test in July.

Civica, around a quarter of the size of Bankia, set its initial public offering price at 2.7 euros, at the low end of expectations to ensure success, to raise 600 million.

Civica said net interest revenue fell to 419 million euros from a proforma 577 million in the 2010 period, while net profit was 102.5 million euros compared with a profrma 97.7 million.

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