Spain's Popular profit slumps on property provisions
02 February 2012 @ 19:03
Banco Popular said profit fell by almost one fifth in 2011 as the Spanish bank made 1.7 billion euros ($2.2 billion) of provisions against bad property loans.
The bank on Wednesday said profit fell 18.7 percent to 479.6 million euros , just above a consensus analyst forecast of 477 million euros.
Spanish banks have hundreds of billions of euros of unsaleable land and property and unrecoverable loans to bankrupt developers sitting on their balance sheets, four years after a housing and construction crash.
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