CNMV Reports Earnings Results for the Third Quarter and Nine Months of 2014; Reports Write-Offs in the Third Quarter of 2014
In the third quarter alone, net interest income amounts to EUR 191 million, this is 3.6% more than in the second quarter of the year confirming its growing trend. In quarterly terms, the company reached EUR 70.7 million net income figure, 32.1% above the same quarter of 2013 and only EUR 3.2 million less than the preceding quarter, but with a much marked higher contribution of recurrent income from the business with clients.
The level of write-offs is reducing by almost 55% in the year. Indeed, third quarter 2014 with EUR 26.3 million of write-offs is the lowest in the last five quarters. All in all, the net NPL formation plus write-offs and net additions to foreclosed assets have reduced in the year by 82% from EUR 509.6 million as of September 2013 to EUR 91.8 million in the same period of 2014.