Pastor wins 10% more, but four times the rate of delinquencies

Valuation of the news 1, 2, 3, 4, 5 (0 votes) sending data ... Please wait. Thank you. - Print + Send Back The Banco Pastor won during the first nine months of the year 170 million euros (10% more than a year ago), a profit-based business banking and non-recurring in the extraordinary results from the sale of industrial holdings, as underlined yesterday the president of the Galician entity, José María Arias. These results put Pastor between the four entities in the country which most have increased their profits so far in 2008, surpassed only by the Sabadell, Banco de Valencia and Banesto. In the consolidated income does not include capital gains from the sale in January this year of 1.17% of Union Fenosa, as the entity that presides Arias has decided to allocate all of these benefits to strengthen, with up to 111 million, hedge funds to protect itself from future defaults. In failing to adopt this measure, profits have exceeded 280 million, 80% more than the same period of 2009. The main impact of the economic crisis in the accounts of the Shepherd can be seen in the bad debt ratios, which are situated at the end of third quarter at 2.6%, almost four times more than a year ago. The figure is undoubtedly influenced by the suspension of payments Martins-Fadesa, which the bank had lent 67 million euros. Furthermore, in its submission to the Commission Nacional del Mercado de Valores, Pastor reports that profits in the last quarter have fallen in 45.6 million euros, 6.8% less than in the same period last year . The slowdown in investment credit also affects the basic margin, which reflects the net income from banking business, which grew by just 1.8%. The results, Arias said yesterday, 'are demonstrating the financial strength of Banco Pastor. " The chairman of the entity is "confident of the future", since "Among other things, we have no debt maturity in the remainder of the year and throughout 2009, and we continue to maintain a more than adequate coverage of the Lending to deposits from our customers. " The top executive of the Shepherd also stressed that the bank has taken advantage of by 2008 to improve the risk of your portfolio, since while the credits to customers rose by 4.1%, those with collateral resident of the sector have doubled this rate. Looking ahead to 2009, possibly the year in which over the crisis hit, Jose Maria Arias Galician believes that the entity is better prepared than the competition, as well as the aforementioned relief liquidity, Pastor has a "proven solvency and has intact its ability to sell assets and make capital gains.