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

FILE PHOTO: CaixaBank’s logo is seen on top of the company’s headquarters in Barcelona, Spain, September 17, 2020. REUTERS/Albert Gea

MADRID (Reuters) – Spain’s Caixabank on Friday said its third-quarter recurrent profit rose 33% pro-forma against the same period a year ago due to lower loan loss provisions.

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 an underlying profit of 744 million euros ($868.47 million) in the July to September period..

A pro-forma net profit of around 560 million euros for the third quarter of 2020 was used to calculate the year-on-year comparison taking into account Bankia.

($1 = 0.8567 euros)

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