MADRID, Jan 22 (Reuters) - Spanish retail bank Bankinter posted flat full-year net profit in 2009, in line with forecasts, as the contribution from its insurance business offset slower revenue growth in the fourth quarter.
Net interest revenue fell 6.8 percent to 177 million euros ($251.4 million) in the fourth quarter from 215 million in the third.
Net profit rose 0.8 percent to 254.4 million euros in the full-year compared with a Reuters forecast for 251.9 million, while net interest revenue rose 17.7 percent to 792.6 million euros compared with a forecast for 804.4 million.
The rate of bad loans increased to 2.46 percent in the fourth quarter from 2.2 percent in the third but was still well below the sector average, Bankinter said.
Analysts were forecasting a bad loans ratio of around 2.5 percent.
The bank's loan book is less exposed to the real estate sector's hard landing than its Spanish peers, and has traditionally focused its lending towards high earners.
Total provisions rose 19 percent to 879.4 million euros, the bank said.
(Reporting by Judy MacInnes; editing by David Cowell) ($1=.7040 Euro) Keywords: BANKINTER RESULTS/ (judith.macinnes@thomsonreuters.com; 34 91 585 8340; Reuters Messaging: judith.macinnes.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Net interest revenue fell 6.8 percent to 177 million euros ($251.4 million) in the fourth quarter from 215 million in the third.
Net profit rose 0.8 percent to 254.4 million euros in the full-year compared with a Reuters forecast for 251.9 million, while net interest revenue rose 17.7 percent to 792.6 million euros compared with a forecast for 804.4 million.
The rate of bad loans increased to 2.46 percent in the fourth quarter from 2.2 percent in the third but was still well below the sector average, Bankinter said.
Analysts were forecasting a bad loans ratio of around 2.5 percent.
The bank's loan book is less exposed to the real estate sector's hard landing than its Spanish peers, and has traditionally focused its lending towards high earners.
Total provisions rose 19 percent to 879.4 million euros, the bank said.
(Reporting by Judy MacInnes; editing by David Cowell) ($1=.7040 Euro) Keywords: BANKINTER RESULTS/ (judith.macinnes@thomsonreuters.com; 34 91 585 8340; Reuters Messaging: judith.macinnes.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
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