Spain's Sabadell Q1 profit jumps 59 pct, beefs up provisions
MADRID, April 24
MADRID, April 24 (Reuters) - Spanish lender Banco Sabadell on Thursday said its first quarter net profit had jumped 59 percent from a year earlier, helped by growing net lending income and after integrating several acquisitions.
The bank, Spain's sixth biggest by market value, missed analysts' averaged forecasts for an 83.2 million euro ($115) million) net income, posting an 81.2-million-euro profit.
But net interest income, or earnings on loans minus funding costs, beat expectations, rising 17.5 percent from the first quarter of 2013 to 530 million euros.
The bank said it had set most of its quarterly income from bond trading gains, of 931 million euros, to cover charges against soured debts, and its provisions more than tripled in the period versus a year ago as it beefed up its coverage of bad loans. ($1 = 0.7231 euros) (Reporting by Sarah White and Jesus Aguado, Editing by Sonya Dowsett)