BBVA (BBVA: Quote) posted first-half net attributable profit of 1.51 billion euros, down 35.4% from last year, largely due to the impact of the Spanish financial reform, which affects mainly real estate assets and portfolios.
As of June 2012 and in accordance with international accounting criteria, BBVA had set aside 1.43 billion euros of the provisions related to real estate and included in the new legislation. Without these provisions net attributable profit for the half-year was 2.37 billion euros, 5.1% lower than the year-ago period.
Net interest income grew 14.9% year-over-year to 7.34 billion euros. The origins of this typical banking revenue reflect the balanced diversification between emerging markets and developed markets.
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by RTT Staff Writer
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