Europe > Southern Europe > Spain > Asia and LatAm drive BBVA's positive Q3 results

Spain: Asia and LatAm drive BBVA's positive Q3 results

2012/12/07

Spain's bank BBVA posted €9bn operating benefits at the end of the third quarter, with gross benefits up by 13.6% to €17.1bn.
The increase in revenue was supported by a balanced diversification between emerging and developed economies, which contributed 57% and 43% of gross benefits respectively, the bank said.


Eurasia's contribution to BBVA was up 22.2% to €1.62bn: Turkey contributed 41%, Asia 31% and the rest of Europe 28%.
BBVA's Mexican franchise as well saw a high benefits volume.
"South America benefited from a vigorous financial activity throughout the region. Lending is up 20.4% and customer funds on the balance sheet are up 20.1%," BBVA said.
After completing two-thirds of the provisions identified in the requirements of the financial reform related to real estate exposure in Spain, the Group's net attributable profit in the first nine months of the year were down to €1.66bn.
Recent stress tests by Oliver Wyman showed that BBVA would have extra than €11 billion in surplus capital under the majority adverse scenario.

Rabobank
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