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Spain's Banco Popular turns a profit in H1

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Spain's Banco Popular turns a profit in H1

Banco Popular Español SA posted a net profit of €85.87 million in the first half of 2018, compared to a loss of €12.22 billion in the same period of the year before, more than a year after the bank was wound down by European authorities and sold to Banco Santander SA for a symbolic €1.

According to figures published by the Spanish Banking Association, the bank's net interest income fell to €526.12 million from €734.88 million.

Banco Santander posted a 3% decline in second-quarter net profit to €1.70 billion after it was hit by a €300 million restructuring charge following its purchase of Popular.

Popular was the leading small and medium-sized business lender in Spain, with almost 14% of the market, and the acquisition has given Santander a quarter of the SME market share.