October 31, 2019 / 7:25 AM / 9 months ago

UPDATE 1-BBVA Q3 net profit down 31%, Mexico solid

(Adds breakdown on Q3 figures)

MADRID, Oct 31 (Reuters) - Spain’s BBVA said on Thursday its third quarter-quarter net profit fell 31% due to the lack of capital gains compared to the same quarter last year, while a solid performance in Mexico offset lean business in Turkey and Spain.

BBVA, like its larger domestic rival Santander, makes most of its profit overseas, in particular in Latin America.

Spain’s second-biggest bank reported net profit of 1.23 billion euros ($1.37 billion) for the three months through September, above analysts’ average forecast of 1.14 billion euros in a Reuters poll.

In the same quarter last year, BBVA had booked net capital gains of 633 million from the sale of a 68% stake in BBVA Chile.

Without taking into account this extraordinary one-off, profit rose 6.1% in the quarter.

Overall, BBVA’s net interest income (NII), a measure of earnings on loans minus deposit costs, rose 4.1% to 4.49 billion euros but was down 1.7% against the previous quarter. Analysts polled by Reuters had forecast NII of 4.48 billion euros.

The bank said it ended September with a core Tier 1 capital ratio, a key measure of solvency, of 11.56% compared with 11.52% at the end of June. ($1 = 0.8958 euros) (Reporting By Jesús Aguado; editing by Andrés González and Ingrid Melander)

Nuestros Estándares:Los principios Thomson Reuters
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below