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Spain's Caixabank fourth quarter profit falls 70 percent from third quarter

Reuters
FILE PHOTO: A partial view of CaixaBank's new headquarters in Valencia is pictured after the entity announced during the presentation of the 2017 third quarter results that it will stay definitely in Valencia, Spain, October 24, 2017. REUTERS/Heino Kalis/File Photo

MADRID (Reuters) - Spain's Caixabank (CABK.MC) said on Friday its fourth quarter net profit more than doubled against the same quarter last year, thanks to a favourable comparison as it set aside more than 100 million euros (87.58 million pounds) to cover mis-sold mortgages in the year-ago period.

However, quarterly net profit fell 70 percent against the third quarter as its Portuguese unit BPI suffered a devaluation in its BFA unit in Angola.

Net profit for the fourth quarter was 196 million euros, below analysts' forecasts in a Reuters polled estimate of 352 million euros.

(Reporting By Jesús Aguado; Editing by Sonya Dowsett)