Caixabank's Q3 net profit rises 3% on lower provisions
Corrects headline period to Q3, not Q2
MADRID, Oct 31 (Reuters) -Spain's Caixabank CABK.MC said on Thursday its net profit rose 3% in the third quarter from the same period in 2023 thanks to lower provisions and still higher lending income.
The lender reported a net profit of 1.57 billion euros ($1.70 billion) in the July to September period, slightly above the 1.51 billion euros expected by analysts.
The bank also announced a fifth share buy-back programme worth 500 million euros that would start after November 19.
Its board also approved an interim dividend of 40% of the consolidated net profit for the first half of 2024, amounting to 1.07 billion euros or 14.88 cents gross per share, in line with its 50%-60% pay-out policy.
One interim dividend will be paid during November, amounting to between 30% and 40% against first half profits, and a final dividend to be paid in April 2025, subject to shareholder approval.
Caixabank's net interest income (NII), a measure of earnings on loans minus deposit costs, in the quarter rose 2% year-on-year to 2.79 billion euros, slightly higher than analysts' forecasts of 2.75 billion euros. NII rose 0.1% against the previous quarter.
($1 = 0.9056 euros)
Reporting by Jesús Aguado; editing by Inti Landauro
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