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Popular provisions €9.6 bln in the year and complies, a year in advance, with all the new regulatory capital requirements. The provisioning effort by Banco Popular causes accounting losses of €2.461bln in 2012. Excluding €4.258bln in extraordinary provisions required by the Government, Banco Popular would have achieved a net profit of €520mln in 2012.
With a net profit well ahead of analyst forecasts, Popular raises its CT1 EBA solvency ratio to 10.3% and, after allocating € 3,433millon to provisions, net profit fell 42.5% year-on –year.
The results reflect strong improvement in all margins, with before-tax profit of 140 million €, 24.8% more than the first quarter of 2011.
After allocating €1,690 million to provisions, 466 million € of which are attributed to extraordinary funding made in the first quarter, these results represent a 18.7% decrease over last year.
Profits, which were in line with market estimates, fell 22.5% compared to the same period 2010.