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Bankinter takes hit on real estate in Q1, BBVA may follow

Source: Reuters - Wed 25th Apr 2012
Bankinter takes hit on real estate in Q1, BBVA may follow

Spain's Bankinter said on Wednesday it had written down 139 million against deteriorating real estate assets as it reported first quarter net profit up 2% on the year-ago figure.

The bank reported net profit of 49.4 million for the first quarter, ahead of analyst forecasts.

Meanwhile, BBVA will make the bulk of pending writedowns against deteriorating property assets in coming quarters, a company spokesman said on Wednesday.

BBVA said pending writedowns on real estate losses were around 1.5 billion in a presentation accompanying first quarter results.

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