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Spain’s Caixabank Q3 recurrent profit pro-forma rises 33% y/y on lower provisions -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO: CaixaBank logo seen at the top of CaixaBank headquarters in Barcelona (Spain), September 17, 2020. REUTERS/Albert Gea

MADRID (Reuters – Spain’s Caixabank announced Friday that it saw a 33% increase in recurrent profits for its third quarter compared with the year before due to lower loan loss provisions.

Caixabank reported an underlying profit in July and September of 744m euros (868.47 millions).

To calculate year-on-year comparability, a pro-forma profit of approximately 560 millions euros was used for the third quarter 2020. Bankia was also taken into consideration.

($1 = 0.8567 euros)

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