BBVA's Q2 net profit rises 11.4% thanks to Mexico
BBVA Reports Strong Second Quarter Financial Results
Overview of Q2 Performance
MADRID, July 30 (Reuters) - Spain's BBVA on Thursday said its second-quarter net profit rose 11.4% year-on-year thanks to a solid performance in Mexico, its main market, and overall higher lending income. The second-biggest lender in the euro zone by market value booked a net profit of €3.06 billion ($3.50 billion) in the April to June period, above the €2.96 billion expected by analysts polled by Reuters. BBVA also announced the launch of a new €2 billion share buyback programme.
Net Interest Income Growth
Net interest income, the difference between earnings on loans minus deposit costs, rose 22.9% year-on-year in the quarter to €7.63 billion above analysts' forecasts of €7.55 billion thanks to solid underlying loan growth dynamics. In Mexico, net profit rose 22.8% year-on-year in the second quarter, while in Spain - its second-biggest market - net profit fell 3% in the same period on lower trading income.
Currency Exchange Rate
($1 = 0.8733 euros)
Reporting and Editing
(Reporting by Jesús Aguado; Editing by David Latona)