By Jeannette Neumann
MADRID-- Caixabank SA said Friday that it swung to profit in the
fourth quarter as Spain's No. 3 bank by market value reported
slightly stronger lending income and fees, while provisions against
bad ticked lower.
The Barcelona-based bank reported net profit of EUR154 million
($174.3 million).
The bank restated its 2013 accounts because of a contribution to
Spain's deposit guarantee fund. That led Caixabank to post a EUR142
million loss in the fourth quarter of 2013.
The net profit Caixabank reported on Friday was below the
expectations of analysts polled by data provider FactSet. They had
anticipated EUR215 million.
The bank said fourth-quarter net interest income was EUR1.08
billion compared with EUR1.02 billion a year earlier. That was in
line with analysts' expectations.
Net interest income, a key driver of revenue for retail banks
such asCaixabank, is the difference between how much a bank earns
on clients' loans and how much it pays clients for their
deposits.
Write to Jeannette Neumann at jeannette.neumann@wsj.com
Access Investor Kit for CaixaBank SA
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=ES0140609019
Access Investor Kit for CaixaBank SA
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=US12803K1097
Subscribe to WSJ: http://online.wsj.com?mod=djnwires