BBVA bank reports firm profits

29th June 2010, Comments 0 comments

BBVA, the second-biggest Spanish bank, said on Tuesday it made a net profit of 1.73 billion euros (2.11 billion dollars) in the first four months of the year.

The bank did not provide comparatives figures for 2009, but the total is up from 1.24 billion euros in the first three months of 2010.

The result, released in a statement to the US Securities and Exchange Commission, comes amid market concerns over the health of Spanish banking sector.

Spain went into recession at the end of 2008 as the global financial meltdown compounded a crisis in the Spanish property market, which had been a major driver for growth in the preceding years.

It emerged this year with fragile growth of 0.1 percent in the first quarter.

-- Dow Jones Newswires contributed to this report --

© 2010 AFP

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