By Xavier Fontdegloria

 

Banco Bilbao Vizcaya Argentaria SA on Friday reported a higher-than-expected net profit for the second quarter, driven by an improvement in its business in Mexico, Turkey, and South America.

The Spanish lender posted a net profit of 1.68 billion euros ($1.71 billion) from April to June, more than doubling the EUR701 million reported the same quarter a year earlier. The figure is well above analysts' expectations, who anticipated a profit of EUR948 million for the second quarter, according to a consensus forecast provided by the bank.

BBVA's gross income rose 19% on year to EUR6.09 billion, the bank said. Net interest income--the difference between what lenders earn from loans and pay for deposits--increased 31% on year to EUR4.6 billion, driven by sharp increases in Mexico, Turkey, and South America.

The bank's fully-loaded common equity Tier 1 ratio, a key measure of resilience, fell to 12.45% in June from 12.70% in March.

 

Write to Xavier Fontdegloria at xavier.fontdegloria@wsj.com

 

(END) Dow Jones Newswires

July 29, 2022 01:36 ET (05:36 GMT)

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