DBRS: Stable 9M17 Results at Spanish Banks: Reductions in Foreclosed Assets progressing
DBRS Ratings Limited (DBRS) views the 3Q17 results of the large Spanish banks’ (the Group) rated by DBRS1 results as relatively stable. The Group’s profitability in 9M17 YoY was supported by strong growth in commissions and good cost control. Most banks reported lower loan loss provisions than a year ago although some banks also decided to reinforce coverage levels on certain assets, primarily foreclosed assets (FAs). Moreover, sales of FAs above book value are increasing, and as a result capital gains have been reported from the sale of FAs at most banks, although the impact is still small.
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