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Spain's Popular posts 2.6 pct rise in Q1 net profit, above forecasts

Reuters - UK Focus

MADRID, April 29 (Reuters) - Spain's Banco Popular posted on Friday a 2.6 percent rise in first quarter net profit from a year earlier, as lower revenues were offset by less provisions for bad loans.

The country's sixth-largest lender in terms of total assets reported net profit of 93.8 million euros ($106.83 million), just above analysts' forecasts in a Reuters poll of 91 million euros.

Net (LSE: 0LN0.L - news) interest income, a measure of earnings on loans minus deposit costs, was 551 million euros, down 1.9 percent from a year ago.

The bank also said its acquisition on Thursday of Barclays (Swiss: BARC.SW - news) consumer payments business in Spain and Portugal would boost earning per share by 4 percent in 2017. ($1 = 0.8780 euros) (Reporting by Angus Berwick; Editing by Jesus Aguado)