BBVA: posts third-quarter earnings above forecasts
(CercleFinance.com) - BBVA on Thursday posted a net attributable profit of 3.
7 billion euros for the first nine months of 2019, down 15% from the same period of the previous year.
In a statement, Spain's second-largest bank said last year's performance included capital gains from the sale of BBVA Chile.
Excluding one-offs, net profit would have been in line with the same period last year (down 0.6% at current exchange rates), BBVA said.
Third-quarter net attributable profit fell to 1.2 billion euros, although was still 9% above the consensus.
BBVA said the trend of containing operating expenses continued, resulting in an improvement in its efficiency ratio compared to the same period of the previous year.
The so-called efficiency ratio - which measures costs relative to revenue - stood at 48.7% in the third quarter, significantly below the level at the end of September 2018 (49.6%).
Its Madrid-listed shares were down 1.3% after these results.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
7 billion euros for the first nine months of 2019, down 15% from the same period of the previous year.
In a statement, Spain's second-largest bank said last year's performance included capital gains from the sale of BBVA Chile.
Excluding one-offs, net profit would have been in line with the same period last year (down 0.6% at current exchange rates), BBVA said.
Third-quarter net attributable profit fell to 1.2 billion euros, although was still 9% above the consensus.
BBVA said the trend of containing operating expenses continued, resulting in an improvement in its efficiency ratio compared to the same period of the previous year.
The so-called efficiency ratio - which measures costs relative to revenue - stood at 48.7% in the third quarter, significantly below the level at the end of September 2018 (49.6%).
Its Madrid-listed shares were down 1.3% after these results.
Copyright (c) 2019 CercleFinance.com. All rights reserved.