Fell less-than-expected earnings in the first half of BBVA
- on 07.28.10
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BBVA has done better than expected by analysts in the first half, registering a decline in net income limited to 9.7% due to a decline in bad debts and its overseas operations, which offset the difficulties encountered in Spain.
The second Spanish bank has published a half-year net income of 2.53 billion euros, while analysts polled by Reuters had expected 2.45 billion.
In the second quarter, the company posted a net profit of 1.287 billion euros, up 3.8% over the first three months of the year.
The net interest income rose 1.2% to 6.94 billion euros, against 6.83 billion expected.
The level of bad debts in relation to the whole group's loan portfolio decreased to 4.2% at end-June, as widely expected by the market, thanks to the decline in new bad debts recorded in the quarter. In late March, the ratio was 4.3%.
BBVA and Santander, Spain's biggest bank, have easily passed the stress tests passed by 91 European institutions, unlike the five other Spanish groups who were among seven banks failed the stress test.