BBVA Net Profit Climbs on Interest Income Boost

By Adria Calatayud

Banco Bilbao Vizcaya Argentaria reported a rise in net profit for the third quarter, with higher income from interest rates offsetting a hit from hyperinflation adjustments in Turkey.

The Spanish bank said Tuesday that net profit for the third quarter was 2.08 billion euros ($2.21 billion) compared with EUR1.84 billion for the year-earlier period.

Gross income--the bank's top-line figure--rose to EUR7.96 billion from EUR6.84 billion. Net interest income--the difference between what banks earn on loans and pay clients for deposits--jumped 23% on year to EUR6.43 billion.

Analysts expected BBVA to report a quarterly net profit of EUR2.01 billion on gross income of EUR7.38 billion, according to consensus estimates compiled by the bank.

The bank said its results were driven by its recurring revenue streams, net interest income and net fees and commissions, which allowed it to offset a higher negative adjustment for hyperinflation in Turkey during the quarter.

Write to Adria Calatayud at [e-mail]

(END) Dow Jones Newswires

October 31, 2023 02:31 ET (06:31 GMT)

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