Spain's Novagalicia bank reports €61m net profit until September

Spain's nationalized bank Novagalicia Banco on Monday reported 61 million euros (82.4 million U.S. dollars) of net profit from January to September. The bank reported it set 611 million euros aside against loan losses and earned 61 million euros until September as opposed to the losses of more than 7.9 billion euros the entity suffered in 2012, when it had put aside bigger provisions: more than 8.2 billion euros. Novagalicia Banco, based on the northwestern region of Galicia, was nationalized along with three other Spanish banks. It closed 212 branches over the last year while reducing its workforce by 846 as a part of the restructuring process required by the European Union (EU). The entity is now waiting to be sold and some firms have already showed their interest, such as the U.S. financial services firm Guggenheim Partners. (1 euro = 1.35 U.S. dollars)