Spanish bank BBVA significantly increases profits

The bank sold its US business a year ago.  Source: dpa
BBVA in Madrid

The bank sold its US business a year ago.

(Photo: dpa)

Madrid The Spanish bank BBVA achieved a profit boost in the summer quarter thanks to strong business in the important Mexican market. The financial group also had to make less provision for bad loans. The bottom line was that BBVA earned 1.4 billion euros in the third quarter – an increase of almost 23 percent within a year, as the bank announced on Friday. Analysts, on the other hand, had only expected 1.06 billion euros.

The money house also launched a share buyback program for up to 10 percent of the share capital for a maximum of 3.5 billion euros. The first step with a volume of 1.5 billion euros is planned after the Investor Day, which will take place on November 18, announced BBVA. BBVA had sold the business in the USA last year and signaled that the proceeds would also be used for distributions.

More: Broken deal with Unicredit: These are the possible scenarios for the oldest bank in the world

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