Abanca Corporación Bancaria SA reported a first-half profit attributable to the owners of the parent of €250.1 million, up from €247.0 million in the same period in 2018.
The Spanish lender said the first-half results reflected the impact of its recent integration of Deutsche Bank AG's private and commercial client business in Portugal. As a result of the transaction, Abanca's business volumes are now placed close to €80 billion pending the completion of its incorporation of the Spanish operations of Caixa Geral de Depósitos SA.
EPS for the period came in at 11.18 cents, compared to the year-ago 11.04 cents.
Net interest income rose on a yearly basis to €272.1 million from €257.8 million, while fee and commission income also grew year over year to €104.2 million from €97.9 million.
Net gains on derecognition of financial assets and liabilities not measured at fair value through profit or loss amounted to €72.0 million, compared to €99.0 million a year earlier.
Administrative expenses increased on a yearly basis to €272.2 million from €251.7 million. Depreciation and amortization expenses amounted to €30.4 million in the period, compared to the year-ago €25.7 million.
Reversals of provisions amounted to €8.9 million in the half, up from the year-ago €716,000.
As of June 30, the bank's common equity Tier 1 capital ratio was 14.68%, compared to 14.89% at the end of 2018.
Abanca's nonperforming loans ratio stood at 3.3% at the end of June.