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Press Release :: BBVA

Logo BBVABBVA ended the first nine months of the year with net attributable profit of 3.67 billion euros (down 12.2%). All of its franchises improved their market share despite a macroeconomic and financial environment that remains complex.

The Group's earnings reflect four fundamental characteristics: recurrence and solidity of revenues thanks to a business model centered on customer relations, an improvement in risk indicators, the capacity to generate capital organically and the enhanced structure of the balance sheet.

The Group's ability to generate recurrent revenues can be observed by the positive evolution of the key revenue and operating profit lines of its income statement. During the first nine months, net interest income was 10.18 billion euros, which was similar to the same period last year. This not only confirms BBVA's resiliency within a complex economic environment but also demonstrates its sound asset portfolio and finance structure management. Furthermore, cumulative fee income from banking services and fund management grew 4.1% to 3.4 billion euros.

The Group's gross income for the first nine months was €15.96 billion, an increase of 3.8% compared to the same period in 2009. In addition to the positive performance, gross income also reflects an attractive mix: 47% derived from emerging economies (all with positive outlooks) and 53% from developed economies.

Year-to-date, BBVA's operating costs rose 8.8% to 6.64 billion euros. This was due to various factors including substantial investments in IT systems, increasing and upgrading ATMs, and growth plans across almost every market where it operates.

Source: BBVA
Date: 03.11.2010
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