Profits of Spain's second biggest bank up 20pc

9th May 2005, Comments 0 comments

9 May 2005, MADRID — Banco Bilbao Vizcaya Argentaria reported it had raised first-quarter net profits by 20 percent from the equivalent figure last year to EUR 815 million. The increase was at the low end of a range expected by analysts, who had forecast a figure of EUR 803-876m. BBVA, the second-biggest Spanish bank, which has launched a bid for Italian bank Banca Nazionale del Lavoro (BNL), had reported in the first quarter of last year a net profit of EUR 679m. In the first quarter of this year, net ba

9 May 2005

MADRID  — Banco Bilbao Vizcaya Argentaria reported it had raised first-quarter net profits by 20 percent from the equivalent figure last year to EUR 815 million.
 
The increase was at the low end of a range expected by analysts, who had forecast a figure of EUR 803-876m.
 
BBVA, the second-biggest Spanish bank, which has launched a bid for Italian bank Banca Nazionale del Lavoro (BNL), had reported in the first quarter of last year a net profit of EUR 679m.
 
In the first quarter of this year, net banking income — the difference between the cost of taking in deposits and earnings from making loans — rose by 7.2 percent to EUR 1.55 billion euros, the bank said.

The head of BBVA, Jose Ignacio Goirigolzarri, said he was "optimistic" about the outlook for the rest of the year although he did not give any forecasts.

Shares of BBVA were down 1.13 percent to EUR 12.27 on the Madrid stock exchange at midday on Monday.
 
Operating profit rose by 16.3 percent to EUR 1.43 bn. Net profit from activities in South America rose by 71.6 percent to EUR 267m.

The bank also said that its bid for BNL, part of its strategy to increase profits, had been accepted by the Italian bank's board of directors but was still subject to approval by the Italian regulatory authorities Consob and by the European Commission.

[Copyright EFE with Expatica]

Subject: Spanish news

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