Salem Radio Network News Tuesday, July 5, 2022

Business

Caixabank’s Q4 recurrent net profit down 52.2% y/y on lower one-off gains

MADRID (Reuters) – Spain’s Caixabank on Friday said its fourth-quarter recurrent profit fell 52.2% due to lower one-off gains than in the same period a year ago.

Caixabank, which in March closed the 4.3 billion euros acquisition of Bankia in a defensive deal to better cope with ultra low interest rates and the coronavirus pandemic, reported a underlying profit without extraordinary items related to the merger of 337 million euros ($375.82 million) in the October to December period.

The figure compares with a profit of 705 million euros in the same period a year ago when combining with Bankia’s operations on a pro forma basis.

($1 = 0.8967 euros)

(Reporting by Jesús Aguado, editing by Inti Landauro)

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