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BBVA: posts loss as Covid-19 related impairments rise

(CercleFinance.com) - BBVA posted a recurring profit of 1.
26 billion euros for the first quarter of 2020, up 6.4% year-on-year, driven by the containment of its operating costs.

Including provisions of 1.43 billion euros related to the COVID-19 crisis, the Spanish bank however earned just 292 million euros in the first three months of the year.

These numbers include higher impairments on financial assets, mainly due to the deterioration of the macroeconomic scenario resulting from the coronavirus pandemic, the group said.

Taking into account the goodwill adjustment at its US unit, also due to the pandemic, BBVA made a big loss of 1.79 billion euros in the quarter.

The shares were down 2.5% on the Madrid Stock Exchange after these announcements.

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