By Pietro Lombardi

CaixaBank SA (CABK.MC) net profit fell 24% in the first quarter, missing analysts' expectations.

Net profit for the period was 533 million euros ($595.1 million) compared with EUR704 million a year earlier, the Spanish bank said Tuesday.

Gross income fell 6.8% to EUR2.11 billion.

Analysts had expected a net profit of EUR541 million for the period on gross income of EUR2.12 billion, according to a consensus forecast provided by the bank.

The results were hit by extraordinary effects, such as the deconsolidation of Repsol SA (REP.MC), the bank said.

Net interest income--the difference between what lenders earn from loans and pay for deposits, and a key profit driver for retail banks--rose 2.9% to EUR1.24 billion while fees and commissions declined 2.2% to EUR612 million.

CaixaBank's core Tier 1 ratio, a key measure of capital strength, was 11.6% in March compared with 11.5% as of December.

Write to Pietro Lombardi at pietro.lombardi@dowjones.com

(END) Dow Jones Newswires

April 30, 2019 02:56 ET (06:56 GMT)

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