Caixa Bank disappoints

Tim Wallace
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PROFITS dived at Spanish lender Caixa Bank after last year’s earnings were boosted by asset sales.

Caixa yesterday reported pre-tax profits of €126m (£104m) for the first quarter, down 33.9 per cent on the same period in 2013.

Revenues increased 4.3 per cent on the year to €1.8bn and operating expenses dipped 7.8 per cent to €829m. But it lost €53m on asset sales, compared with a €2.2bn profit a year ago.

The bank’s shares fell 1.76 per cent.