MADRID (Reuters) – Spain’s Bankinter said on Thursday its first quarter net profit fell 10.1% from the same period a year earlier on higher provisions to prevent a downturn in business caused by the coronavirus crisis.
The bank booked provisions worth 107.3 million euros ($116.18 million) in the first quarter compared to 55.1 million euros in the same period in 2019, it said.
The country’s fourth-largest bank by market value reported a net profit of 130.3 million euros in the January to March period. Analysts polled by Reuters expected a net profit of 117 million euros.
($1 = 0.9235 euros)
(Reporting By Jesús Aguado, Editing by Inti Landauro)