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BBVA profit plunges 16% on provisions

Source: Financial Times - Wed 27th Jan 2010

Spain's second-largest bank BBVA posted a 16.1 % decline in 2009 net profit to 4.21bn ($5.9bn) as the impact of the global downturn forced it to make more provisions.

One-time charges included early retirement fees and write-down's on loan losses in Spain, the US and Mexico, BBVA said on Wednesday.

Net interest income a measure of BBVA's core lending business rose 18.8 % to 13.88bn, beating a forecast for 13.66bn.

Bad loans as a percentage of the total rose to 4.3 per cent at the end of December from 3.4 per cent at the end of September.

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