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BBVA reports 7.3 percent drop in Q1 net profit

Source: Reuters - Thu 5th May 2011

BBVA, Spain's second-biggest bank, posted a 7.3% drop in first-quarter net profit after taking provisions against risky assets and suffering pressure on margins from a stagnant domestic business.

BBVA's Latin American units, especially Mexico, helped mitigate sluggish results in Spain which is struggling to emerge from the worst recession in half a century and the highest unemployment rate in the euro zone, over 20%%.

"The weighting of emerging markets in group results will continue to rise," chief executive Angel Cano said on Thursday.

Spain accounts for over a third of BBVA's business, making it more exposed to the euro zone's sickly fourth-largest economy than larger rival Santander.

BBVA said first quarter net profit was 1.15 billion euros, compared with a forecast for 1.03 billion.

Net interest income, what a bank earns on loans less what it pays for deposits, slipped 6.2% to 3.18 billion euros, in line with forecasts.

Bad loans as a percentage of total loans remained steady at 4.1% end-March from 4.1% at end-December.

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