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Liberbank reiterates targets after shares drop on Popular contagion fears

Spain's Liberbank SA reiterated its financial targets June 8 after its shares fell by more than 18% due to concerns that the bank could suffer the same fate as Banco Popular Español SA, which was acquired by Banco Santander SA for a symbolic €1.

In a statement to Spain's market watchdog, the lender said it was still on track to lower its bad-loan ratio to 7% in 2018 from 13% at the end of March and 19.5% at end-March 2016.

It also estimated its gross debt outflows attributed to rent and sales at 410 million in 2017, 625 million in 2018 and 850 million in 2019. The bank's risky debt fell 7.9%, or 254 million, in the first quarter and by 38.3%, or 1.83 billion, compared to end-March 2016.