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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Top Stories Most Popular Photos Full Coverage Sitemap Spanish lender Banco Popular's profits down 23% AFP - Saturday, February 5 Send IM Story Print Spanish lender Banco Popular's profits down 23% MADRID (AFP) - – Banco Popular, Spain's third-largest listed bank, on Friday reported a 23 percent drop in net profits for 2010 to 590.2 million euros ($804 million) after making hefty provisions for bad loans. The bank said in a statement that new banking regulations forced it to make provisions of 1.834 billion euros for the year. Like other Spanish banks, Banco Popular is struggling with an economic downturn, brought about by a collapse of the country's once booming property market which has led them to increase provisioning against bad loans. The bank said it would continue to reinforce provisioning for real estate on its books this year if the economic downturn continues. "2010 was a year of severe economic and financial crisis, worsened by a profound deterioration of the sovereign risk of many of the euro area countries," it said. "2011 will be a complicated year but not without opportunities." Bad loans as a proportion of total lending rose to 5.27 percent at the end of 2010 from 4.81 percent a year earlier and 5.17 percent in September. The bank reported a non-performing loan ratio linked to its real-estate portfolio of 14.5 percent. Net banking income, the bank's main income stream, for the year fell 13.1 percent to 2.45 billion euros. During the fourth quarter net profit fell 40.2 percent to 68.8 million euros while net banking income dropped 20.8 percent to 557.3 millions euros. Banco Popular ended the year with a core capital ratio - a measure of how much losses the lender can absorb without becoming insolvent - of 9.67 percent, up from 9.13 percent in 2009. This is well above the threshold of at least 7.0 percent required under new international "Basel III" rules agreed last year and it makes it one of Spain's best capitalised lenders. Last week Madrid announced new rules on the level of rock-solid core capital to allay market fears that it may need an Irish-style bailout to help shore up Spain's financial sector. Under the new Spanish rules lenders will have to have a core capital level equal to 8.0 percent of total assets by September if they are listed, and 9.0-to-10.0 percent if they are not listed. Recommend Send IM Story Print News Search Top Stories Drive to unify euro economy as rescue roadmap set January snowstorms cloud US jobs market Saucy speaker's wife pic causes storm in Britain Germany, France launch new eurozone convergence plan Spanish lender Banco Popular's profits down 23% More Top Stories » ADVERTISEMENT Most Popular Most Viewed US golfer Woods finds old habits hard to shake Russia loses military satellite: reports US auto sales jump 17 percent in January Dow closes over 12,000 for first time since June 2008 Egypt's Mubarak to step down at September election More Most Viewed » More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Entertainment Photos Yahoo! News Network Copyright © 2011 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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