How To Guides
- Childbirth & Education
- Legal Formalities
- Pensions & Benefits
- Property & Accommodation
Did you know...?
... Telefonica are NOT the only service provider of Telephone Lines, Internet Access or Mobile Phones?
Tumbit recommends Telitec Communications. Find out how Telitec Communications can help you here!
- Airports and Airlines Spain
- Paramount Theme Park Murcia Spain
- Corvera International Airport Murcia Spain
- Daily Brief - Thursday 23 October 2014
- Mr Grumpy v Angeles Duran
- Meet Wincham at The Homes, Gardens & Lifestyle Show, Calpe
- QROPS 2014
- Spain Increases IHT in Valencia & Murcia
- Removals to Spain v Exports from Spain
- The Charm of Seville
- Gibraltar Relations
- Retiro Park : Madrid
- Wincham announce opening of Marbella office
- Community Insurance in Spain
- Calendar Girls
- Considerations when Insuring your Boat in Spain
- QROPS – HMRC Introduces changes that create havoc in the market place
- QROPS – All Change From April 2012
BBVA announces increase in profits
Spain's second largest bank, BBVA, reported a 9.4% increase in full-year net profit earlier today, a significant improvement on the previous year. This growth was largely as a result of success of their latin Americanerican operation, despite lower margins at home.
Spanish banks have been feeling the full effects of a struggling economy and escalating levels of unemployment, which have both contributed to increased provisioning against bad debt and a price war on retail deposits in an attempt to obtain funds.
A statement by a representative of market observers, Bernstein Research, read "We believe that the higher cost of funding and asset quality will remain key themes for Spanish banks this and next year".
Net profits increased to 4.61 billion euros , surpassing a forecast of 4.58 billion given by economists in a poll undertaken by Reuters.
BBVA's Mexican business, which accounts for around 30% of Business, saw nett profits increase by 12% whereas profits fell by 9% in Spain and Portugal. Spain itself accounts for more than 30% of BBVA's business, meaning that it has greater risk to the country's ailing economy than larger rival Santander.
Late in 2010, BBVA announced an expansion of it's operations into Turkey, as move towards reducing Spain's exposure to poor banking market conditions. BBVA's bad debts as a percentage of the total loan book remained stable from end-September at 4.1 %.
Latest News & Stories
- Spain's Abertis to list telecoms business
- Spain September retail sales up 1.1% year on year
- Three-Quarters of Spain's fighter jets unable to fly
- 'Thieving, Cheating Gypsies' v Royal Spanish Academy
- Venezuela recalls ambassador to Spain
- Volotea Airlines plans to establish 5 bases in Spain by 2016
- Spain says no going back on AENA IPO
- UN warns Spain on legality of spot deportation of illegal immigrants
- Rajoy : "Sorry for Corruption"
- Spain's ruling PP expels Rodrigo Rato