Banco Popular profits increase
Spain’s Banco Popular Espanol SA posted net profit of €231m in the first nine months of the year, 1.7% up compared with the same period last year.
According to the bank’s report, lending activities to SMEs and independent firms has gone up by 10.2%, reaching total net of €7.8bn.
The NPL ratio decreased by 12 bps in Q3 compared with Q2, reaching 13.85%. Real estate sales performed particularly well over the first nine months of 2014, reaching total of €989m, 101.9% up compared the same period of 2013, the bank also said.
Just recently, the president of Banco Popular Angel Ron and the president of Grupo Financiero BX+ Antonio del Valle Perochena announced the opening of 50 subsidiaries in Mexico within the next two years.
The group’s international plans aim to obtain 30% of its profits from the international activities.
Finally, Banco Popular announced that €419m surplus obtained from the sale of 51% of Bancopopular-e a Värde Partners have been invested in provisions.
Following the release of the Asset Quality Review (AQR) results on 26 October, the ECB said Banco Popular had a 10.06% core capital buffer as of December 2013. The threshold was a ratio of 8% of risk-weighted assets.