Caixabank books Q2 net profit of 866 mlns vs loss in same quarter a year ago

MADRID (Reuters) – Spain’s Caixabank on Friday said it booked a net profit of 866 million euros ($884.9 million) in the second quarter compared to a loss of 605 million euros in the same period last year due to restructuring-related charges.

Caixabank, which in March 2021 closed the 4.3 billion euros acquisition of Bankia in a defensive deal, said higher income from its insurance business and long-term savings products supported earnings.

Analysts polled by Reuters expected the country’s biggest domestic bank to report a net profit of 592 million euros.

($1 = 0.9787 euros)

(Reporting by Jesús Aguado; editing by Inti Landauro)