Banco Popular Continues to Struggle in 3Q Amid Restructuring
Banco Popular reported weak third-quarter results, as we expected, as it continues to restructure its operations. We plan to maintain our EUR 1.10 fair value estimate and no-moat rating. The bank is essentially at break-even status, as a poorly-performing real estate loan book is wiping out profits from the rest of the business. The core business, which is focused on small business lending is performing reasonably well and generated EUR 817 million profits year to date, with a 16% return on tang...
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