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Banco Popular Reports Fall in Profits

Source: Reuters - Thu 31st Oct 2013
Banco Popular Reports Fall in Profits

Spain's Banco Popular on Thursday reported a 9.5% fall in net profit to €227 Mln in the 9 months to September on increased provisions against bad loans.

Spain's 6th-biggest lender was also hit by a tough comparison with 2012, when it took the bulk of steep provisions against property losses in the last quarter.

Nine-month net interest income came in at €1.86 Bln, down 11.8% on the year-ago period and the bad loans ratio rose to 11.84% at the end of September compared to 10.84% at end-June.

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