BBVA: nine-month income up 25% on lower costs
(CercleFinance.com) - BBVA on Tuesday posted net attributable profit of 4.
3 billion euros for the first nine months of the year, up 25% year-on-year.
The Spanish bank said a surge in recurrent revenues, cost containment efforts, lower impairment losses and capital gains of 633 million euros from the sale of BBVA Chile have helped the result.
"In spite of a challenging situation in Turkey and Argentina, the results we are presenting today reveal the strength of our business model and geographic diversification," commented BBVA CEO Carlos Torres Vila.
While net interest income for the first nine months of the year fell by 2% to 12.9 billion euros, operating expenses between between January and September dropped 7.1%, on the back of cost-discipline efforts, the group said.
However, investors did not seem to appreciate these results, with the BBVA stock down 1.6% at 5.1 euros in late morning trading in Madrid.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
3 billion euros for the first nine months of the year, up 25% year-on-year.
The Spanish bank said a surge in recurrent revenues, cost containment efforts, lower impairment losses and capital gains of 633 million euros from the sale of BBVA Chile have helped the result.
"In spite of a challenging situation in Turkey and Argentina, the results we are presenting today reveal the strength of our business model and geographic diversification," commented BBVA CEO Carlos Torres Vila.
While net interest income for the first nine months of the year fell by 2% to 12.9 billion euros, operating expenses between between January and September dropped 7.1%, on the back of cost-discipline efforts, the group said.
However, investors did not seem to appreciate these results, with the BBVA stock down 1.6% at 5.1 euros in late morning trading in Madrid.
Copyright (c) 2018 CercleFinance.com. All rights reserved.