April 30, 2020 / 4:46 AM / a month ago

Spain's Caixabank Q1 net profit falls 83% on higher provisions

MADRID, April 30 (Reuters) - Spanish bank Caixabank’s first quarter net profit fell 83.2% from the same period a year ago due to extraordinary provisions of 400 million euros ($434.20 million) to cover the potential impact from the COVID-19 disease on its books, the bank said on Thursday.

The country’s third-largest bank in terms of total assets reported a net profit of 90 million euros in the January to March period.

The bottom line was also hit by one-off charges worth 109 million euros related to an early retirement plan in the quarter. ($1 = 0.9212 euros) (Reporting By Jesús Aguado, Editing by Inti Landauro)

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