November 27, 2018 / 6:34 AM / 16 days ago

Spain's Caixabank raises 2021 profitability target

MADRID, Nov 27 (Reuters) - Spain’s Caixabank said on Tuesday it aimed to increase its return on tangible equity ratio (ROTE) to above 12 percent by 2021 from 9.4 percent at end-September 2018, buoyed by a shift towards a more profitable insurance lending business.

Spanish banks are struggling to lift earnings from loans as interest rates hover at historic lows and increasing competition erodes margins. (Reporting By Jesús Aguado; edited by Paul Day)

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