The BBVA Group posted a net attributable profit of €3.45bn for the first nine months of 2017, nearly equal to its profit for the whole of 2016 and an increase of 23.3% from the corresponding period last time (+28.7% at constant exchange rates). It said a solid performance in terms of recurring income, cost containment and a drop in impairment losses on financial assets were the main factors driving this growth. BBVA chief executive Carlos Torres Vila pointed out that 'quarter after quarter, BBVA keeps posting solid, recurring and sustainable results. We are already seeing the results of our transformation, with new banking features that have a positive impact on our customers' lives, while prompting an exponential growth in digital sales'. The group’s net interest income for the January-September period stood at €13.2bn, up 4.2% y-o-y (+9.5% in constant terms). Adding fees and commissions (e.g. recurring revenues), this item came to €16.91bn, an increase of 4.2% compared to the first nine months of 2016 (+9.3% after stripping out currency impact). The good evolution of recurring revenues was the main driver of gross income, which reached €18.91 billion between January and September (+2.6% y-o-y, and +7.2% at constant exchange rates). Between January and September, operating expenses fell 1.7% compared to the same period of the previous year (+1.8% in constant terms). It said this positive performance was more evident in Q3- 17, with expenses declining 4.4% y-o-y (+1.3% not considering currency impact). Cost discipline continued to yield positive results, prompted by the realization of some of the synergies from the integration of Catalunya Banc, as well as the transformation advances. At 9:37am: (LON:BVA) Banco Bilbao Vizcaya Argentaria Sa share price was +0.03p at 7.39p
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