BBVA Net Profit Climbs on Interest Income Boost
31 Ottobre 2023 - 7:46AM
Dow Jones News
By Adria Calatayud
Banco Bilbao Vizcaya Argentaria reported a rise in net profit
for the third quarter, with higher income from interest rates
offsetting a hit from hyperinflation adjustments in Turkey.
The Spanish bank said Tuesday that net profit for the third
quarter was 2.08 billion euros ($2.21 billion) compared with
EUR1.84 billion for the year-earlier period.
Gross income--the bank's top-line figure--rose to EUR7.96
billion from EUR6.84 billion. Net interest income--the difference
between what banks earn on loans and pay clients for
deposits--jumped 23% on year to EUR6.43 billion.
Analysts expected BBVA to report a quarterly net profit of
EUR2.01 billion on gross income of EUR7.38 billion, according to
consensus estimates compiled by the bank.
The bank said its results were driven by its recurring revenue
streams, net interest income and net fees and commissions, which
allowed it to offset a higher negative adjustment for
hyperinflation in Turkey during the quarter.
Write to Adria Calatayud at adria.calatayud@dowjones.com
(END) Dow Jones Newswires
October 31, 2023 02:31 ET (06:31 GMT)
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