Spain's BBVA profit down 64 pct, misses forecast
MADRID, April 30 (Reuters) - Spain's second-biggest bank, BBVA, on Wednesday posted a 64 percent fall in first quarter net profit to 624 million euros, largely due to an unfavourable comparison after it booked gains from asset sales a year ago, though revenues also fell.
BBVA missed analyst expectations for a 715-million-euro net profit in the quarter in a Reuters poll. The bank said that stripping out one-off gains, its profit after tax would have been up 19 percent on a year ago, at 744 million euros.
The bank, which relies heavily on Latin America for profits and especially Mexico, said revenues fell nearly 7 percent to 5 billion euros. Net interest income, or earnings on loans minus deposit costs, fell 6.4 percent to 3.4 billion euros, slightly below forecasts. (Reporting by Sarah White, Editing by Fiona Ortiz)
© Thomson Reuters 2017 All rights reserved.