1Q18 net group profit: €29mn
Liberbank obtained a net group profit of €29mn (–9.0% yoy) in its 1Q18, surpassing the €18mn expected by the consensus. Net interest income amounted to €105mn (+1.2% qoq and +2.4% yoy) due to a larger and more profitable fixed income portfolio and a +3.4% increase on average performing loans. Fee income amounted to €44mn (–14.3% qoq and +3.1% yoy) and gross margin reached €170mn (+17.1% qoq and –3.7% yoy). Costs declined –5.3 qoq and –7.8% yoy, to €100mn leading to a pre–provision profit of €71mn. Recurrent cost of risk diminished to 27bp (annualised) from 34 bp in 1Q17 and 116 bp in 2017 due to the clean–up process implemented in 2H17.
Liberbank SA is a Spain-based company engaged in the commercial banking activities. It specializes in providing consumer loans. Furthermore, the Bank offers a range of services for entrepreneurs: savings accounts, loans, factoring, payments management, investment funds, import and export financing, guarantees, as well as commercial insurance, among others. The Bank operates through a chain of retail offices in Asturias, Cantabria, Castile La Mancha and Extremadura. It also manages such brands as Cajastur, Caja Extramadura, Caja Cantabria and CCM.
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