BBVA to Book EUR1.12 Billion Loss From Telefonica Share Price Drop
January 10 2018 - 2:35AM
Dow Jones News
By Marc Navarro Gonzalez
Spain's Banco Bilbao Vizcaya Argentaria SA (BBVA.MC) said that
its 2017 profit will take a 1.12 billion-euro ($1.34 billion) hit
due to a writedown on its stake in Telefonica SA (TEF.MC).
BBVA holds a more than 5% stake in the Spanish
telecommunications group, it said late Tuesday.
The company said the loss relates to the decline in Telefonica's
share price and won't impact its total equity or its common equity
Tier 1 ratio.
BBVA said that it expects to keep the dividend payment amount it
proposes to the board unchanged.
Write to Marc Navarro Gonzalez at
marc.navarrogonzalez@dowjones.com
(END) Dow Jones Newswires
January 10, 2018 02:20 ET (07:20 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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