BBVA: Q3 earnings beat estimates
(CercleFinance.com) - On Thursday BBVA announced slightly lower Q3 earnings, despite having to book increased credit provisions due to the coronavirus pandemic.
Spain's second largest bank said its net profit for the past quarter was 1.14 billion euros, down 7% from the 1.22 billion euros a year earlier, although well above the consensus of 773 million euros.
As a reminder, Q2 2020 ended with a profit of 636 million euros.
The bank's results were supported by business growth in Mexico, which remains a key market for the group, as well as by Turkey, an emerging country from which its new CEO, Onur Genç, has come.
Net interest income declined to 4.1 billion euros over July-September, compared with 4.5 billion euros at the same time last year.
The core Tier 1 capital ratio - a key measure of the health of financial institutions - remained above the 11.5% mark, rising to 11.52% from 11.56% a year earlier.
In Madrid, the BBVA share was up almost 3% in late morning trading.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
Spain's second largest bank said its net profit for the past quarter was 1.14 billion euros, down 7% from the 1.22 billion euros a year earlier, although well above the consensus of 773 million euros.
As a reminder, Q2 2020 ended with a profit of 636 million euros.
The bank's results were supported by business growth in Mexico, which remains a key market for the group, as well as by Turkey, an emerging country from which its new CEO, Onur Genç, has come.
Net interest income declined to 4.1 billion euros over July-September, compared with 4.5 billion euros at the same time last year.
The core Tier 1 capital ratio - a key measure of the health of financial institutions - remained above the 11.5% mark, rising to 11.52% from 11.56% a year earlier.
In Madrid, the BBVA share was up almost 3% in late morning trading.
Copyright (c) 2020 CercleFinance.com. All rights reserved.