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BBVA Q1 net beats f'casts, bad debts stabilise

Source: Reuters - Wed 28th Apr 2010

Spain's second-largest bank BBVA said its net profit was flat in the first quarter, beating expectations, while bad debts remained at the same level as in December.

BBVA said on Wednesday the results were underpinned by the group's diversification both in geographical and in business terms, as well as by cost-cutting.

Net profit rose 0.2 percent to 1.24 billion euros ($1.65 billion), beating forecasts for 1.14 billion, while net interest revenue rose to 3.39 billion euros from 3.27 billion, also beating forecasts for 3.37 billion euros.

Bad loans stabilised at 4.3 percent at end-March, the same rate as at end-December, but up from 2.8 percent one year ago.

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