Banco Bilbao Vizcaya Argentaria announced that it recorded the largest recurring profits in its history, exceeding expectations, thanks to higher revenues and lower forecasts.
The Spanish bank announced a net profit of 1.65 billion euros, an increase of 36% compared to 1.21 billion euros a year ago.
Analysts expected BBVA to announce profits of 1.24 billion euros.
The BBVA announced that net interest income rose 21% year-on-year to 4.16 billion euros, largely thanks to strong support from operations in Mexico, Turkey and South America amid higher interest rates.
Net income from fees and commissions increased 9.5% to 1.24 billion Euros, while impairments of financial assets decreased 20% to 738 million Euros.
The Tier 1 capital adequacy ratio fell to 12.70% in March from 12.75% in December.
For the current year, the bank expects double-digit increase in core income and risk costs to 1%, from 0.93% at the end of 2021.
Source: Capital
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