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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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