March 23, 2018 / 2:08 PM / a month ago

Spain's bad bank posts fifth straight annual loss

MADRID, March 23 (Reuters) - Spain’s “bad bank”, created to clean up the country’s finance sector, reported its fifth consecutive annual loss on Friday, citing the sale of assets at a loss and the high costs of maintaining its portfolio.

Sareb, set up in 2012 to take on about 50 billion euros ($61.7 billion) in land, buildings and loans from bailed-out banks, made a 565 million euro loss for 2017.

The bad bank also said it hoped to sell assets worth 3 billion euros this year and confirmed it would list its Tempore unit, which manages about 1,500 rented flats.

Sareb has a mandate to sell the assets it holds in the 15 years from when it was established. It had initially predicted that it would make a profit in its second year of operation. ($1 = 0.8108 euros) (Reporting by Robert Hetz Writing by Julien Toyer Editing by David Goodman)

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