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BBVA’s Q4 net profit rises 1.6% y/y buoyed by Mexico and lower provisions -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – The Spanish bank BBVA’s headquarters can be seen at Las Tablas in northern Madrid on February 3, 2016,. REUTERS/Juan Medina

MADRID (Reuters – Spain’s BBVA said Thursday its fourth quarter net profit increased 1.6% compared the same period in 2020. The increase was due to a strong performance on Mexico, which is its primary market and lower provisions.

According to Reuters, analysts had forecasted that the lender would make a profit of 1.34 trillion euros ($1.51billion) during the October-December period.

BBVA has continued to expand in emerging markets as it faces financial difficulties in mature markets.

BBVA’s 2021 full-year net profit was more than tripled compared with 2020, at 4.65 billion euros. This is higher than the bank’s previous 3.51 billion net profit in 2019.

Analysts forecast a net profit of 4.33 trillion euros by 2021.

A decline in total impairments of over 41% helped to boost full-year results.

($1 = 0.8852 euros)

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