BBVA's Q1 net profit rises 10.8% boosted by Mexico and Spain
BBVA Reports Strong First-Quarter Financial Results
Overview of Q1 Performance
MADRID, April 30 (Reuters) - Spain's BBVA on Thursday said its first-quarter net profit rose 10.8% year-on-year thanks to a solid performance in its main markets, Mexico and Spain, and overall higher lending income. The second-biggest lender in the euro zone by market value booked a net profit of 2.99 billion euros in the January to March period, above the 2.79 billion euros expected by analysts polled by Reuters.
Share Buyback Programme Details
BBVA also said it would launch the final tranche of its share buyback programme of up to 1.46 billion early next week. The tranche is part of an almost 4 billion euros share buyback programme announced in December.
Net Interest Income Growth
Net interest income, the difference between earnings on loans minus deposit costs, rose 17.8% year-on-year in the first quarter, to 7.54 billion euros, above analysts' forecasts of 7.23 billion euros thanks to solid underlying loan growth dynamics.
Regional Performance
Mexico
In Mexico, net profit rose 9.3% year-on-year in the quarter, while net profit in Spain was up 8.1% in the same period.
Spain
($1 = 0.8578 euros)
Reporting Credits
(Reporting by Jesús Aguado; Editing by Joan Faus)
