Spanish financial services firm Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) Friday reported a higher first-quarter profit, as gross income grew about 4 percent, mainly driven by emerging markets.
Ángel Cano, president and chief operating officer of the company said, "The quarter's results demonstrate the structural strength of BBVA given our business model and right geographic diversification. During the last four years BBVA has generated about €5 billion in gross income each quarter."
Gross income for the quarter grew 3.9 percent to 5.47 billion euros from 5.27 billion euros a year ago. Emerging markets generated 58 percent of income, compared to 42 percent from developed markets.
Net interest income slightly rose to 3.62 billion euros from 3.59 billion euros in the preceding year, despite an environment of lower interest rates, the company noted.
In the first quarter, net attributable profit increased to 1.73 billion euros from 1.0 billion euros in the previous year. Basic earnings per share were 0.31 euros, up from 0.19 euros per share in the prior year.
On an adjusted basis, basic earnings per share totaled 0.16 euros, while the company posted 0.23 euros per share in the prior year.
According to the company, adjusted profit is based on result of real-estate activity in Spain, profit from pension business in Latin America, badwill from Unnim and reinsurance operation on individual life-risk insurance portfolio in Spain.
Operating income was 2.71 billion euros, compared to 2.74 billion euros a year earlier.
Core capital ratio improved to 11.2 percent from 10.7 percent a year earlier.
The company said its improved results are despite extraordinarily complex conditions following five years of economic and financial crisis. Capital gains on the sale of non-strategic assets in Spain and Mexico also contributed to the results, it added.
In Madrid, the shares are currently trading at 7.18 euros, down 1.62 percent on a volume of 12.15 million shares.
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