BBVA Swings to Loss on Coronavirus Hit
April 30 2020 - 1:37AM
Dow Jones News
By Pietro Lombardi
Banco Bilbao Vizcaya Argentaria SA swung to a loss in the first
quarter as it reported billions in impairments and provisions
mostly related to the impact of the coronavirus pandemic.
Net loss for the period was 1.79 billion euros ($1.94 billion)
compared with a profit of EUR1.18 billion a year earlier, the
Spanish bank said Thursday.
Gross income, the bank's top line, rose to EUR6.48 billion from
EUR6.05 billion, supported by higher net interest income, fees and
trading income.
Analysts had expected a net profit of EUR939 million on revenue
of EUR6.04 billion, according to a consensus forecast provided by
the bank.
The coronavirus pandemic hit the bank's business in the first
quarter, leading to sharply higher provisions and impairments. BBVA
reported EUR2.58 billion in impairments on financial assets, EUR312
million in provisions and EUR2.08 billion of goodwill impairments
in the U.S.
The bank said it won't pay dividend for 2020 until uncertainty
related to the pandemic disappears.
BBVA's core tier 1 ratio, a key measure of capital strength, was
10.84% at the end of March from 11.74% in December.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
April 30, 2020 01:22 ET (05:22 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
BBVA Bilbao Vizcaya Arge... (NYSE:BBVA)
Historical Stock Chart
From Mar 2024 to Apr 2024
BBVA Bilbao Vizcaya Arge... (NYSE:BBVA)
Historical Stock Chart
From Apr 2023 to Apr 2024
