February 1, 2017 / 6:33 AM / a year ago

Spain's BBVA posts 28 pct drop in Q4 profit, above estimates

MADRID, Feb 1 (Reuters) - Spanish bank BBVA posted on Wednesday a 28 percent fall in fourth-quarter net profit due to a sharp drop in the peso in its largest market of Mexico and by one-off charges related to mis-sold mortgages.

Spain’s second largest bank said net profit came in at 678 million euros ($731.09 million) for the quarter, above the average of analysts’ estimates of 548 million euros.

Full-year net profit for 2016 was up 32 percent to 3.5 billion euros after 2015 earnings were affected by a 1.8 billion euros writedown in Turkey, in line with analysts’ forecasts.

BBVA said that a ruling from Europe’s top court in December on dispusted mortgage clauses knocked its earnings by 404 million euros in net provisions in the fourth quarter.

$1 = 0.9274 euros Reporting By Jesús Aguado and Angus Berwick

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