Spain's Unicaja, Liberbank beat Q1 forecasts despite provisions

By Reuters7 days ago

By Jess Aguado

MADRID, May 5 (Reuters) - Unicaja UNI.MC and Liberbank LBK.MC, which have agreed to create Spain's fifth largest bank by assets, booked further provisions against COVID-19 in the first quarter while trying to offset those with higher revenue from fees and commissions.

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Unicaja's net profit fell 7% to 43 million euros in the January-March quarter after it booked 25 million euros in provisions, the same amount it booked a year earlier.

Liberbank posted a 17% rise in net profit to 23 million euros after booking 28 million in pandemic charges, up five million from a year earlier.

Both beat forecasts, as analysts polled by Reuters had expected a net profit of 35 million euros at Unicaja and 18.8 million at Liberbank.

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