Performance of Spanish Bank

Banesto was first to release its first quarter of 2009 results, it surprised the market being more positive than expected. Between January and March its profits were 210.9 million euros, 3.1% less than the same period in 2008, but after making a voluntary and extraordinary provision for bad debts of 20 million, in anticipation of an increase in delinquencies. Although it has tripled in one year, the proportion of defaulters stood at the end of March at 1.97%, a percentage below the average of the system. Investors rewarded the accounts of the entity that presides Ana Patricia Botin with a rise of 4.85% of the shares.

Stock markets held at the same time the positive results that JP Morgan yesterday. The U.S. entity won 1.627 million euros in the first quarter, 9.8% less than one years earlier, but a figure much higher than estimated by analysts.