By Giulia PetroniCaixaBank reported a rise in third-quarter profit on higher lending income despite a decline in its loans portfolio. The Spanish bank on Friday said that net profit was 1.52 billion euros ($1.61 billion) in the three months ended in September, up 19% compared with the same period a year earlier. Net interest income--the difference between how much a bank earns on clients' loans and how much it pays clients for their deposits--increased 12% on year to EUR2.74 billion in the quarter. "The bank's performance in the first nine months of this year has been very positive," said Chief Executive Gonzalo Gortazar. "In the context of interest rate normalization, our results are solid, a consequence of good commercial dynamics and prudent credit risk management."

Source: Wall Street Journal October 27, 2023 05:41 UTC