BBVA's third-quarter net profit rises 19% on Mexico, higher lending income
BBVA•BBVA's third-quarter net profit rose 19% year over year to €3.02 billion, roughly in line with analysts' €3.01 billion forecast. Net interest income increased 22% to €8.08 billion, above forecasts, while loan-loss provisions rose 24% to €1.95 billion.
1. Quarterly results
BBVA said third-quarter net profit rose 19% year over year to €3.02 billion, roughly in line with analysts' €3.01 billion forecast. Net interest income increased 22% to €8.08 billion, above the €7.88 billion forecast, driven by underlying loan growth.
2. Results by market
Net profit in Mexico rose 19%, supported by higher lending income and the stronger Mexican peso against the euro compared with the same quarter last year. In Spain, net profit fell 5.5% as trading income declined 94%. Loan-loss provisions rose 24% to €1.95 billion, and the cost of risk increased 1 basis point to 1.44%.
