BBVA: first-half net profit down 3.7%
(CercleFinance.com) - BBVA said it made a net profit of 2.
44 billion euros in the first half of the year, down 3.7%, due to higher impairments and provisions.
Impairments on financial assets increased 10.6% year-on-year, as a result of higher loan-loss provisions, Spain's second-largest bank said.
BBVA also cited the deterioration of specific portfolios and a change in macroeconomic scenarios in the US, Mexico and Turkey.
In a statement, the group said net interest income reached almost 9 billion euros, up 7.1%, with net fees and commissions rising 1.4% year-on-year, thanks to higher client activity and diversification.
In the first half, BBVA's operating expenses increased 1.2% year-on-year, with a variation that is still below inflation recorded in most of the countries where the group operates, highlighting cost reductions in Spain.
The shares were little changed after this report, down less than 0.4% in Madrid.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
44 billion euros in the first half of the year, down 3.7%, due to higher impairments and provisions.
Impairments on financial assets increased 10.6% year-on-year, as a result of higher loan-loss provisions, Spain's second-largest bank said.
BBVA also cited the deterioration of specific portfolios and a change in macroeconomic scenarios in the US, Mexico and Turkey.
In a statement, the group said net interest income reached almost 9 billion euros, up 7.1%, with net fees and commissions rising 1.4% year-on-year, thanks to higher client activity and diversification.
In the first half, BBVA's operating expenses increased 1.2% year-on-year, with a variation that is still below inflation recorded in most of the countries where the group operates, highlighting cost reductions in Spain.
The shares were little changed after this report, down less than 0.4% in Madrid.
Copyright (c) 2019 CercleFinance.com. All rights reserved.