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Spanish lender Abanca's H1 profit rises YOY to €250M

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.