U.S. News

BBVA Says First-Half Net Profit Rises 1%


Banco Bilbao Vizcaya Argentaria reported a 1% rise in first-half net profit on Wednesday, with lower gains from asset sales masking otherwise strong operating trends.

Net profit at Spain's second-largest bank by market value rose to 3.37 billion euros ($4.66 billion) from 3.34 billion euros a year earlier.

BBVA's first-half results both this year and last were affected by a range of extraordinary sales and charges, including the sale of an Iberdrola stake and 200 million euros ($276.66 million) charge to set up a microcredit foundation.

Excluding these items, BBVA said first-half net profit would have come in at 2.62 billion euros ($3.62 billion), up 20% from 2.18 billion euros.

Net interest income for the first six months rose almost 14% to 4.61 billion euros ($6.38 billion) from 4.05 billion euros.

BBVA's shares are up 2.5% year-to-date, weighed by the bank's aggressive acquisition strategy in the United States. The bank agreed earlier this year to a $9.6 billion cash-and-share purchase of U.S. lender Compass Bancshares, its largest acquisition ever.

Its shares Wednesday fell 0.8% at 18.15 euro ($25.11)