BBVA obtained a net profit of 7,622 million between January and September, a new record and almost 28% more than a year before, driven especially by the subsidiaries in Mexico and Spain and, in general, by the increase in recurring income and of credit activity, according to the information published by the bank this Thursday.
In the note, the entity explains that this result includes the 285 million euros disbursed in total to face the temporary tax on the banks.
The total income (gross margin) of the financial entity was 26,161 million, 18.4% more. Of that figure, net interest income (interest margin) reached 18,661 million euros, 5.7% more. Likewise, the bank recorded net commission income of 5,754 million euros, 25.3% more, while the results of financial operations doubled, up to 2,930 million euros.
The Spanish subsidiary generated an attributable result of 2,866 million, 37.6% more, helped by robust growth in loans. Mexico, for its part, earned 4,193 million (5.6% more), while Turkey contributed 433 million, 18.5% more. South America obtained 471 million, 3.4% less, weighed down by Colombia, which earned almost 19% less.
In the third quarter, BBVA’s net profit was 2,627 million euros, 26.1% above a year earlier, while the gross margin reached 8,716 million euros, 9.6% more, despite the decrease in interest rates initiated by the European Central Bank (ECB).
“We look to the future with optimism. We hope to increase growth in profitable credit and gain scale to continue supporting families and companies,” said BBVA CEO Onur Genç in a statement.
This result has allowed BBVA to raise its profitability to “historic” levels, the note explains, with an ROE of 19.2% and a ROTE or return on equity of 20.1%, all while managing to maintain a top quality capital ratio CET1 fully loaded of 12.84%, nine basis points more in the third quarter alone, above the group’s target range.
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