3 D Sys Corp Dl 001 (TG:SYV)
Historical Stock Chart

From May 2019 to May 2024

La Caixa, Spain's top savings bank by assets, said Friday 2008 net profit fell 28% as weaker economic conditions resulted in higher non-performing loans and hefty provisions.

La Caixa said in a presentation that net profit for 2008 fell to EUR1.80 billion from EUR2.49 billion a year earlier, hit by the absence of non-recurring gains, such as asset sales.

In 2007, La Caixa reported EUR360 million in extraordinary gains.

La Caixa also reported close to EUR1.39 billion in provisions for 2008, as non-performing loans rose to 2.48% of total loans from 0.55% in 2007.

"In 1993, (Spanish bad loan ratios) were at about 9% and this year according to some forecasts it is possible that they go up to 6%," said La Caixa Chairman Isidro Faine at a press conference in Barcelona.

Faine declined to provide any forecasts for La Caixa's bad loan ratios but told journalists he expects the savings bank to stay below the average bad loan ratio in Spain.

Regarding La Caixa's stake in Spanish energy company Repsol YPF (REP), Faine said La Caixa "is very pleased with its stake in Repsol and doesn't see why it has to change anything."

Daily Expansion reported Friday that La Caixa and Caixa Catalunya are studying offers on their combined indirect stake in Repsol, separately from the negotiations held by Sacyr Vallehermoso SA (SYV.MC) to sell its 20% holding in the oil company.

The banks have a combined 5% stake in Repsol through their investment vehicle, Repinves. In addition, La Caixa has a direct stake of 9.8% in Repsol.

Company Web site: www.lacaixa.es

-By Luis Morais, Dow Jones Newswires; +34 91 395 81 32; luis.morais@dowjones.com

Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary. You can use this link on the day this article is published and the following day.