At Shedding Debt Portfolios Liberbank Triples Net Profit

14/05/2014 – Expansion

As EFE reports, Liberbank´s net profit showed €113 million in the first quarter of the year. The performance is three times better than €33 million earned in clean gains a year before. The improvement shall be principally assigned to the sales of its debt portfolios.

Net interest revenue reached €103 million, by 3% more than the same period in 2013. However, in year-on-year terms the rate declined 3.7%. In turn, the gross margin of the bank post €401 million, striking 100.4% more than in 2013, while its gross operating margin stood at €297 million, by €65 million higher.

During the first quarter Liberbank was busy with cleansing its books intending €114 million for recovery and dotations. When it comes to delinquency rate, it slowed down and stopped at 10.7%.

Moreover, the bank is planning a capital enlargement of €500 million. For achieving that, it named a banking syndicate consisting of Deutsche Bank as the global coordinator, Citigroup, BBVA, Santander and Société Générale as underwriters and Ahorro Corporación Financiera, Espírito Santo Investment Bank, JB Capital Markets, Keefe, Bruyette & Woods and Nmás1 as co-managers.

 

 

Original article: Expansión

Translation: AURA REE

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