U.S. News

Spanish Bank BBVA First-Quarter Profit Up 91%

Spain's Banco Bilbao Vizcaya Argentaria said Wednesday its first-quarter net profit soared 91% thanks largely to an asset sale, while activity remained strong at its core Spanish and Mexican businesses.

Spain's second-largest bank by market capitalization said net profit rose to 1.95 billion euros ($2.65 billion), up from 1.02 billion euros a year earlier.

On an adjusted basis, stripping out a capital gain from the sale of a stake in Spanish electricity company Iberdrola, profit rose 22.5% to 1.25 billion euros ($1.7 billion).

BBVA said its net interest income rose almost 15% to 2.23 billion euros ($3.03 billion) from 1.95 billion euros in the year-earlier period.

BBVA shares were up 0.4% to 18.17 euros ($24.68) in Madrid trading.