Banco Popular profits hit by stricter debt provisioning
BBC News - Banco Popular profits hit by stricter debt provisioning: "Spain's third largest bank, Banco Popular, has joined Santander in reporting 2010 profits hurt by new stricter rules on bad debt provisioning.
The bank said net income fell 23% from 2009, to 590m euros ($804m, £498m).
It comes after the bank set aside 1.8bn euros to cover possible losses on bad loans in order to meet new standards laid down by the Bank of Spain.
Fourth quarter profits were hardest hit, down 40% versus a year earlier.
Spain's banks are suffering in the wake of a property market meltdown and a painful recession that has seen the unemployment rate rise to 20%."
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The bank said net income fell 23% from 2009, to 590m euros ($804m, £498m).
It comes after the bank set aside 1.8bn euros to cover possible losses on bad loans in order to meet new standards laid down by the Bank of Spain.
Fourth quarter profits were hardest hit, down 40% versus a year earlier.
Spain's banks are suffering in the wake of a property market meltdown and a painful recession that has seen the unemployment rate rise to 20%."
DISCLAIMER:Text may be subject to copyright.This blog does not claim copyright to any such text. Copyright remains with the original copyright holder.
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