BBVA Raises Full-Year Outlook on Mexican Strength

By Giulia Petroni

Banco Bilbao Vizcaya Argentaria SA said Wednesday that it has raised its full-year outlook mainly thanks to an improved business performance in Mexico.

The Spanish bank said it expects core revenue to improve in the second half of the year compared to first-half figures due to a recovery in retail credit and price management.

It added it expects to beat its cost reductions expectations for 2020 and improve the outlook for its cost of risk to between 150 and 160 basis points. Also the Common Equity Tier 1 capital ratio is expected to be above the bank's target range.

BBVA said it remains committed to shareholder remuneration, which it aims to resume once coronavirus-related uncertainties fade. Both dividends and buyback programs will be considered.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

September 23, 2020 03:41 ET (07:41 GMT)

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