Spain's BBVA beats forecasts as 2014 profit rises 26 pct

miércoles 4 de febrero de 2015 02:49 GYT
 

MADRID Feb 4 (Reuters) - Spain's second-biggest bank BBVA on Wednesday reported a 689-million-euro ($790.5 million) fourth-quarter profit, beating forecasts, after making a loss in the same period a year ago.

Analysts polled by Reuters had expected net profit of 615 million euros in a Reuters poll, although bottom-line estimates varied widely.

For the whole of 2014, BBVA's profit was up 26 percent from a year earlier to 2.62 billion euros, as net interest income, or earnings from loans minus deposit costs, rose.

Like domestic peers, the bank revised 2013 accounts downwards to reflect payments to Spain's deposit guarantee fund, and without these changes net profit for 2014 would have risen only 17.5 percent from the previous year. ($1 = 0.8716 euros) (Reporting by Sarah White, Editing by Paul Day)