BBVA 3Q Profit Beat Estimates as Higher Lending Income Offset Costs
28 Oktober 2022 - 07:37AM
Dow Jones News
By Xavier Fontdegloria
Banco Bilbao Vizcaya Argentaria SA's net profit increased by
more than expected in the third quarter as higher revenue from
interest-rate increases in its main markets outweighed rising costs
and provisions.
The Spanish bank said Friday that it posted a net profit of 1.84
billion euros ($1.83 billion) from July to September, up 31% from
the EUR1.4 billion net profit it made in the third quarter of
2021.
The figure beat analysts' expectations of profit at EUR1.55
billion, according to a consensus provided by the bank.
BBVA's gross income stood at EUR6.86 billion, up from EUR5.33
billion a year earlier. Net interest income--the difference between
what banks earn on loans and what they pay clients for
deposits--rose 40% to EUR5.26 billion, beating expectations, driven
by gains in Mexico and Spain.
The bank increased the amount of funds it puts aside to offset
potential losses from nonperforming loans, with loan-loss
provisions rising 51% to EUR940 million. It also saw an 18% on-year
increase in operating expenses amid broadening inflation
pressures.
Write to Xavier Fontdegloria at xavier.fontdegloria@wsj.com
(END) Dow Jones Newswires
October 28, 2022 01:22 ET (05:22 GMT)
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