Spain's Banca Civica Revises 2011 Net Profit Down 6.9%

Spanish bank Banca Civica S.A. (BCIV.MC) Monday said it has revised its 2011 net profit 6.9% lower due to a change in tax estimates.

The bank said its net profit for the 12 months ended Dec. 31, 2011 has been revised downwards by EUR14 million to EUR190 million from EUR204 million, resulting in revised earnings per share of EUR0.56 versus EUR0.52 previously.

At 0734 GMT, the bank's shares were down 2.1% at EUR1.55 a share.

The revision comes on the same day that Standard & Poor's Ratings Services said it was taking rating actions on a 16 Spanish banks following its downgrade of the sovereign last week. In a statement, the credit rating firm cited direct negative implications from the sovereign downgrade for those banks whose ratings are boosted by the availability of government support.

As part of the announcement, S&P lowered its long-term and short-term counterparty credit ratings on Banca Civica to BB+/B from BBB-/A-3.

-By Alex MacDonald, Dow Jones Newswires; +44 (0)7776 200 924 alex.macdonald@dowjones.com

(Natasha Brereton-Fukui in Singapore and David Roman in Madrid contributed to this story.)

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