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CaixaBank Q4'17 profit more than doubles YOY

CaixaBank SA reported fourth-quarter 2017 profit attributable to the group of €196 million, compared to €77 million in the year-ago period.

Excluding Portuguese unit Banco BPI SA, which contributed a loss of €4 million to group results, CaixaBank's attributable profit reached €200 million in the fourth quarter of 2017.

Net interest income amounted to €1.20 billion, compared to €1.08 billion in 2016, while net fee and commission income increased to €632 million from €544 million.

CaixaBank booked a €141 million charge in allowance for insolvency risk, compared to a year-ago gain of €382 million. Losses on asset disposals narrowed on a yearly basis to €117 million from €774 million.

The Spanish lender's full-year 2017 attributable profit was €1.68 billion, up from €1.05 billion a year ago. Return on equity rose to 6.9% from 4.5%.

The nonperforming loan ratio stood at 6.0% at the end of 2017, down from 6.9% a year ago, while the NPL coverage ratio increased to 50% from 47%.

CaixaBank's fully loaded common equity Tier 1 stood at 11.7% as of Dec. 31, 2017, unchanged from the end of September 2017 and down from 12.4% at the end of 2016.