CaixaBank First-Quarter Profit Falls 84% on Real Estate Cleanup
Net income dropped to 48 million euros ($63 million) from 300 million euros a year earlier, the Barcelona-based bank said in a filing to regulators today. That missed the 162 million- euro average estimate of four analysts surveyed by Bloomberg.
Spanish banks including CaixaBank are responding to a drive by the government to make lenders recognize greater losses on real estate piled up on their books during the country’s property crash as it seeks to force the industry to restructure. The company said last month it would buy Banca Civica SA (BCIV) in an all-stock offer valued at 977 million euros as the banking overhaul gathers pace.
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