Banco Popular Shares Tumble 5% After Reporting Massive Loss

Shares of Banco Popular Espanol SA fell 5% on Friday after the Spanish lender swung to a net annual loss of €3.48 billion ($3.75 billion) in the fourth quarter from a €104 million profit in the year-ago period. The company attributed the massive loss to bad loans and higher provisions in the period. The bank said that the results reflected provisions it had to take that totaled €5.69 billion, including non-recurring provisions for credit and real estate and goodwill writedowns on its Targobank unit, among other items.