Caixabank’s net profit increases by 18.8% in Q3 thanks to loans and insurance

MADRID (Reuters) – Caixabank on Friday reported a better-than-expected third-quarter net profit up 18.8% from a year earlier, driven by loans, fees and its insurance business.

Spain’s largest bank by assets posted net profit of 884 million euros for the July-September period. Analysts polled by Reuters had expected 810 million euros.

Caixabank’s net interest income, the difference between what it pays for deposits and what it earns for loans, rose 6.2% year-on-year to 1.687 billion euros in the third quarter, thanks to the rise in interest rates. This figure also exceeded analysts’ forecasts of 1.65 billion euros.

In the first nine months of the year, however, lending revenue was down 0.4% from the same period a year earlier.

(Written by Jesús Aguado; French version Elena Smirnova, editing by Kate Entringer)

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