BBVA earns €2.65bn in H1 2018

Spain’s BBVA has reported net profits of €2.65bn over the first half of 2018, up nearly 15% from the same period a year earlier.

BBVA CEO Carlos Torres said: “Thanks to the progress achieved in the bank’s transformation, recurring revenues grew strongly during the first half of the year.”

Net interest income amounted to €8.64bn in the six-month period (down 1.8 % YoY), while fees and commissions grew 1.5% YoY amounting to €2.49bn.

Thus recurring revenues reached €11.14bn at the end of June (-1.1% YoY, +9.8% in constant terms).

The efficiency ratio stood at 49.2%, 82 basis points below the figure of 2017 at constant exchange rates.

BBVA’s net profits in Spain stood at €793m at the end of June, up 19.2% YoY. Net interest income decreased by 1.5% to €1.83bn.

ABOUT THE AUTHOR
Eugenia Jimenez
Eugenia Jiménez speaks Spanish and is Iberia Correspondent for Investment Europe covering Spain & Portugal, as well as assisting with coverage of Italy. She holds a UK NCTJ- accredited Multimedia News Reporting course and studied Journalism at the University of Sevilla. She has worked for local media organisations in Sevilla and Málaga, mainly in broadcasting as a news reporter, among other roles. She has also worked for a local newspaper in Sevilla, reporting on current affairs, local government and culture.

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