BBVA Q2 net profit more than doubles

|By:, SA News Editor

Banco Bilbao Vizcaya Argentaria (BBVA): Q2 net profit €1.15B vs €505M a year earlier and vs consensus of €1.08B.

Overall net interest income drops to €3.68B from €3.74B but is slightly above forecasts.

Fee income +6% to €1.13B.

Results strengthened by a gain of almost €471M on the sale of pension assets in Colombia and Peru, as well as growing lending in Latin America.

Lower loan-loss provisions in Spain, although business in the country remained weak; it was also hurt by costs associated with the scrapping of interest-rate floors on mortgages. (PR)