Spain's BBVA bank sees profits slump

26th October 2011, Comments 0 comments

Spain's second largest bank, BBVA, reported third-quarter net profits of 804 million euros Wednesday, down 29.5 percent from the same period last year, blaming market turmoil.

The result was below the consensus forecast of 840 million euros from analysts polled by Dow Jones Newswires.

The bank said net interest income, the difference between loan income and what the bank pays out on deposits, beat market expectations, rising 1.3 percent to 3.286 billion euros against a forecast 3.218 billion.

BBVA bank said in a statement that during the third quarter it faced "maximum stress" from liquidity pressure and the eurozone sovereign debt crisis.

© 2011 AFP

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