BBVA suffers fall in profits

first_imgWednesday 27 October 2010 8:14 pm BANCO Bilbao Vizcaya Agentaria (BBVA), Spain’s second-biggest bank, reported a 17.4 per cent drop in third quarter net profit yesterday as provisions for bad loans weighed on results.It said net profits in the three months to 30 September hit €1.14bn (£996m) compared to €1.38bn at the same time last year.During the first nine months of the year BBVA posted a net profit of €3.67bn, a 12.2-per cent fall on the previous earnings for the period a year earlier. BBVA’s president Angel Cano Fernandez admitted there were “uncertainties” to overcome in terms of the stability of the economic recovery but insisted BBVA’S business model would enable it to survive in the current environment.The bank set aside provisions for potential loans going bad during the third quarter of €233m, although this was less than the €260m it set aside in the previous quarter.Bad loans as a proportion of total lending continued to fall slightly to 4.1 per cent in the third quarter from 4.2 per cent in the previous quarter and 4.3 per cent during the first three months of the year. The bank’s profit from Spain and Portugal fell to €501m in the quarter from €586m 12 months ago. BBVA shares fell 4.2 per cent to €9.39. Share Show Comments ▼ Tags: NULL KCS-content center_img whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoMoneyPailShe Was Famous, Now She Works In {State}MoneyPailUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesUndoElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldUndoZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen HeraldUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndoTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmUndo whatsapp More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comKiller drone ‘hunted down a human target’ without being told tonypost.comAstounding Fossil Discovery in California After Man Looks‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the BBVA suffers fall in profits last_img read more