BBVA 1st-Quarter Net Profit Rises
April 27 2017 - 02:11AM
Dow Jones News
By Jeannette Neumann
MADRID--Banco Bilbao Vizcaya Argentaria SA (BBVA) said Thursday
that net profit rose in the first quarter versus a year earlier as
the bank also inched up its capital ratio.
BBVA said net profit was EUR1.2 billion in the first quarter of
this year compared with EUR709 million a year earlier, when the
bank had a particularly weak quarter because of currency turmoil,
weaker trading income and higher costs.
That beat analysts' estimates that BBVA would report a net
profit of EUR1.08 billion in the first quarter, according to a poll
by data provider FactSet.
The Spanish lender said net interest income in the first quarter
was EUR4.32 billion compared to EUR4.15 billion a year earlier.
Net interest income, a key profit driver for retail banks, is
the difference between what lenders earn from loans and pay for
deposits. That figure came in slightly below analysts' estimates
for BBVA's first-quarter net interest income of EUR4.35 billion,
according to FactSet.
BBVA's capital ratio was 11% in March 2017 compared with 10.9%
in December under international regulations known as "fully loaded"
Basel III criteria. BBVA, as well as Spanish peer Banco Santander
SA (SAN), have among the lowest ratios of major European banks and
investors are closely watching how the banks build capital.
Write to Jeannette Neumann to jeannette.neumann@wsj.com
(END) Dow Jones Newswires
April 27, 2017 01:56 ET (05:56 GMT)
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