Spain’s largest savings bank, La Caixa, has
recorded a 33% year on year slump in first quarter net profits,
down to €336m ($544m).
La Caixa’s net interest income for the three
months ending March also slumped – by over a fifth (21.5%) compared
with the year-ago quarter to €701m.
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However, net income generated from fees
increased by 15.8% from the corresponding quarter last year to
€383m – although the increase was in particular boosted by a high
number of transactions in investment banking, funds and insurance,
the bank said.
The bank had a branch network of 5,277 and an
ATM network of 8,010 units as of the end of March, having closed
132 branches (2.4%) and 171 ATMs (2.1%) compared with the end of
the first quarter in 2010.
The number of la Caixa cards in circulation
remained unchanged at 10.3m.
On a positive note, gross customer loans rose
by 5.8% from the corresponding period a year ago to €188.7bn, while
customer funds increased by 4.9% to €250.5bn.
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By GlobalDataLa Caixa closed the first quarter of fiscal
2011 with €278bn in total assets, up by 2% compared with a
year-ago.
