Madrid, Jan 29 (AFP/APP): Spain’s third-largest bank, CaixaBank, saw its 2020 net profit fall by a fifth due to the coronavirus crisis despite a marked improvement in figures at the year’s end. The bank, which is in the process of merging with its smaller rival Bankia to create Spain’s biggest lender, said profits were down 19 percent at 1.38 billion euros ($1.67 billion), a figure higher than that expected by analysts. During the year, the bank set aside exceptional provisions of 1.25 billion euros again an increase in customers defaulting on loans given the slump in the economy. In the last quarter, when the bank set aside an additional 91 million euros, its net profit grew by nearly 26 percent year-on-year to 655 million euros. Net banking income, which is the equivalent to turnover, fell by 1.0 percent year-on-year to 4.9 billion euros as a result of the fall in interest rates. The bank is in the process of merging with Bankia to create a new entity which will retain the Caixabank name and will hold a 25-percent share of Spain’s domestic banking market, with combined assets worth 660 billion euros and 20 million customers. Bankia on Thursday said its 2020 … Continue reading CaxiaBank improves net profit figures towards the end of 2020