BBVA profits grow despite losses from Telefonica stake
Source - SMW
The BBVA Group posted net attributable profit for the full year 2017 of €3,519m, slightly above €3,475m compared with a year ago weighed by the recognition of impairment losses of €1,123m from its stake in Telefonica.
Without taking into account the impacts of the impairment losses in Telefonica in 2017 and the so-called mortgage floor clauses in 2016, the net attributable profit was €4,642m, up year-on-year by 19.7%.
The group reported net attributable profit of €70m for the fourth quarter of 2017 well below the €679m a year earlier.
Net interest income continued to grow, rising significantly in the fourth quarter by 8.4% and a cumulative 10.6% year-on-year, driven by growth in activity, above all in emerging economies, and good management of customer spreads.
At 9:04am: (LON:BVA) Banco Bilbao Vizcaya Argentaria Sa share price was +0.1p at 7.67p