Profits up for Banco Popular and Bankinter

20 April 2007

Spanish banks Banco Popular and Bankinter have posted improvements in profits of 18.1 per cent and 28.2 per cent for the first-quarter respectively.

Banco Popular's profits stood at $531 million, with net interest income showing a 10.24 per cent improvement to $750 million.

The performance was slightly lower than expected by market analysts who had expected $395 million.

Meanwhile, Bankinter attained profits of $115.8 million.

News of the improved performance for Bankinter comes just one day after chairman Juan Arena de La Mora resigned from the bank's board and has since been replaced by his former deputy Pedro Geurrero.

It is thought by some that the resignation will pave the way for the sale of the bank, which Mr Arena de La Mora was thought to oppose.

Banco Popular, meanwhile, is set to propose the appointment of Grupo Osuna chairman Nicolas Osuna to its board, along with Helena Revoredo Delveccio, chairwoman of Prosegur Cia de Seguridad SA.

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