Trending: BBVA Warns of Rising Cost of Risk
October 31 2023 - 12:04PM
Dow Jones News
1534 GMT - Banco Bilbao Vizcaya Argentaria is among the most
mentioned companies across news items over the past eight hours,
according to Factiva data. The Spanish bank reported third-quarter
results that exceeded consensus expectations at both the top and
bottom lines, but warned that it expects its cost of risk to be
higher than previously anticipated. BBVA made a third-quarter net
profit of 2.08 billion euros ($2.21 billion), up 13% on the
year-earlier period, on gross income--the bank's top-line
figure--that rose 16% to EUR7.96 billion thanks to higher interest
rates. Analysts had forecast net profit of EUR2.01 billion on gross
income of EUR7.38 billion, according to consensus estimates
provided by the bank. However, BBVA said its cost of risk ratio
rose to 1.11% in the first nine months of the year, up from 1.04%
for the half year, and the bank expects it to be slightly above
current levels by year-end against its previous expectation of 1%
for the full year. The deterioration in BBVA's cost of risk could
make the market nervous, Renta4 analyst Nuria Alvarez wrote in a
note to clients. BBVA shares at 1526 GMT traded 1.3% lower at
EUR7.40. Dow Jones & Co. owns Factiva.
(adria.calatayud@dowjones.com)
(END) Dow Jones Newswires
October 31, 2023 11:49 ET (15:49 GMT)
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