BBVA earnings hit by charge over Chinese bank

Banco Bilbao Vizcaya Argentaria (BBVA) Q4 net loss €849M ($1.15B) vs profit of €20M a year earlier; consensus was for loss of €946M.

The loss was due to BBVA triggering a €2.3B charge for cutting its stake in China Citic Bank to under 10% to soften the effect of Basel III capital rules.

Operating income €2.47B vs €2.835B.

Net profit from continuing operations €568M vs loss of €158M a year earlier.

Net interest income -3.8% to €3.76B.

Gross loans -4.7%.

Bad loans 6.8% vs 5.1% a year earlier.

"The outlook for 2014 has improved significantly and at BBVA we are in an excellent position to respond to the growth of the solvent demand for credit," BBVA chairman Francisco Gonzalez said.

Shares +0.8% in Madrid. (PR)

From other sites
Comments (0)
Be the first to comment
DJIA (DIA) S&P 500 (SPY)
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs