MADRID (Reuters) -Spain's BBVA on Thursday said its fourth-quarter net profit rose 18% from the same period in 2023 thanks to a solid performance in Spain, where it seeks to buy smaller rival Sabadell
BBVA Reports 18% Increase in Q4 Net Profit Driven by Spain's Growth
MADRID (Reuters) -Spain's BBVA on Thursday said its fourth-quarter net profit rose 18% from the same period in 2023 thanks to a solid performance in Spain, where it seeks to buy smaller rival Sabadell to reduce its reliance on Mexico, its main market.
The fifth-biggest lender in the euro zone by market value booked a net profit of 2.43 billion euros ($2.53 billion) in the to September to December period, above the 2.23 billion euros expected by analysts polled by Reuters.
In an attempt to strengthen its position at home, BBVA announced in May a hostile takeover bid then worth more than 12 billion euros for Sabadell. The deal is currently under longer phase 2 antitrust review that could extend the process well into 2025.
Net profit in Spain rose 44% in the quarter underpinned by a solid macroeconomic growth in its home market, while net profit in Mexico fell 7% partly because of the depreciation of the peso.
BBVA also announced a new share buyback programme worth 993 million euros, subject to obtaining the corresponding regulatory authorizations and approval by its board.
(Reporting by Jesús Aguado, editing by Inti Landauro)
