Spain’s third largest bank, Banco Popular, has declared a 13.3% increase in net profit from 497m last year to 528m and success in niche sectors such as factoring and leasing has been a significant contributor to this buoyant result. Popular accounts for about 4% of Spain’s total banking assets, but in areas such as factoring and leasing, its share is almost 20%. This is due to Popular’s large client base amongst small and medium sized companies, which are the backbone of the average factor’s client base.
Popular’s chief financial officer, Roberto Higuera said that the bank was on target to double the number of financial products sold per employee by the end of 2002.
Source: Financial Times
