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Spain Banco Popular 9-mth profit down, beats forecasts
By Thomas Frommherz for CEOWORLD Magazine Updated:October 26, 2009
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Banco Popular Espanol SA (POP.MC) (NASDAQ:BPE) Monday reported a 26% decline in third-quarter net profit, as a deepening economic recession in Spain forced the bank to set aside much more money to cover loan-loss impairments.
The lender, the country’s third-largest listed bank by market value, said net profit in the quarter fell to €208.6 million ($312.8 million) from €281.9 million a year earlier. That was ahead of a Dow Jones Newswires survey of 10 analysts’ estimates, which had expected net profit of €178.6 million.
Net interest income rose 8.8% to €702.3 million from €645.3 million. Analysts were on average expecting €680.3 million in lending income.
Like other banks, Popular saw a slowdown in the growth of its past due loans in the third quarter. Its bad debt stood at 4.63% from 4.39% in June, and up from 2.19% a year earlier, wsj reported.
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