BBVA's Q2 net profit falls 2% on lower lending income
The fifth-biggest lender in the euro zone by market value booked a net profit of 2.75 billion euros ($3.14 billion) in the April to June period, above the 2.37 billion euros expected by analysts polled by Reuters.
The bank also unveiled its financial goals for the 2025-2028 period, where it expects to earn an accumulated net attributable profit of around 48 billion over four years.
In an attempt to reduce its reliance on Mexico, BBVA announced in May of 2024 a hostile takeover bid worth currently around 14 billion euros for Sabadell.
Overall net interest income (NII), the difference between earnings on loans minus deposit costs, fell 4% year-on-year in the quarter, to 6.21 billion euros. Analysts expected NII to come in at 6.27 billion euros.
Net profit in Spain rose 6% year-on-year in the quarter underpinned by a loan growth against the background of a solid macroeconomic growth, while net profit in Mexico fell 12%.
($1 = 0.8747 euros)
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