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BBVA’s Q3 net profit rises 22.7%, launches 3.5 billion buy-back -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO : This view depicts the Spanish bank BBVA’s headquarters in Madrid, Spain, November 17, 2020. REUTERS/Juan Medina

By Jesús Aguado

MADRID (Reuters – Spain’s BBVA said Friday its third quarter net profit rose by 22.7% compared the year before due to lower loan loss provisions, and strong operating performances in Mexico.

According to Reuters, the bank reported a net profit (or $16.3 billion) of 1.4 billion euro in July and September. Reuters analysts polled expected that the bank would report a net loss of 1.06 trillion euros.

It exceeded 1.225 billion euros, which was the amount that had been booked in the 3rd quarter 2019 before the pandemic.

A lender said that its board agreed to a program to purchase back up to 10% of the company’s capital, for maximum 3.5 billion euro.

According to the bank, the 1.5 billion euro first tranche will be completed after its investor day on November 18.

Last year, BBVA sold its U.S. operations to cope with the crisis and extremely low interest rates. This allowed it to concentrate on Spain’s cost-cutting measures and possibly buying back 10% of its shares.

($1 = 0.8567 euros)

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