MADRID (Reuters) – Spain’s Unicaja on Wednesday reported a net profit of 1.395 billion euros ($1.62 billion) in the first nine months thanks to a multimillion accounting gains it booked following the acquisition of its smaller rival Liberbank.
Unicaja, which at the end July closed the deal with Liberbank to create Spain’s fifth-largest lender by assets, reported a badwill gain – a paper profit that occurs when an asset is bought below its book value – of 1.301 billion euros.
($1 = 0.8633 euros)
(Reporting by Jesús Aguado; editing by Inti Landauro)
