April 27, 2018 / 5:35 AM / in a year

Spain's Caixabank Q1 net profit up 75 pct on lower provisions, BPI

MADRID, April 27 (Reuters) - Spain’s Caixabank posted on Friday a 75 pct rise in first-quarter net profit from a year earlier thanks to lower loan loss provisions and the integration of Portuguese lender BPI.

Caixabank, Spain’s third largest bank, reported net profit of 704 million euros ($852.26 million) in the first three months of the year, above an average of analysts’ forecasts in a Reuters poll of 560 million euros.

Net interest income, a measure of earnings on loans minus deposit costs, was 1.2 billion euros, up 4.3 percent from a year ago, though just slightly up 0.6 percent against the previous quarter. NII was in line with analysts’ forecasts.

In an effort to boost its revenues, Caixabank bought BPI in February of 2017.

$1 = 0.8260 euros Reporting By Jesús Aguado; editing Paul Day

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