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Spain’s Liberbank Q1 net profit rises 17 percent from year ago

MADRID, May 5 (Reuters) – Spain’s Liberbank, which is in the process of being taken over by bigger rival Unicaja , said on Wednesday its net profit rose 17% in first quarter against the same period a year ago thanks to a growth in revenues from fees and commissions and despite the cost of COVID-19…

MADRID, May 5 (Reuters) – Spain’s Liberbank, which will be in the process of being taken over by larger rival Unicaja, said on Wednesday its net profit rose 17% in first quarter against the exact same period a year ago thanks to some rise in earnings from fees and commissions and despite the cost of COVID-19 associated provisions.

The lender reported a net profit of 23 million euros ($27. 64 million) in the January to March period. Analysts polled by Reuters expected a net profit of 18.8 million euros.

Liberbank set aside 28 million euros in terms associated with this COVID-19 pandemic throughout the quarter.

$1 = 0. 8322 euros Reporting by Jesús Aguado, Editing by Inti Landauro

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