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BBVA: Recorded the highest earnings in its history in the first quarter

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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