The second largest Spanish bank surpassed its growth expectations for the months of January to June.
Reuters .- BBVA more than doubled its net profit in the first half compared to the same period last year, supported by extraordinary income of 583 million euros from the sale of a stake in the Chinese bank CNCB and solid margins.
Spain’s second largest bank by market value reported a profit of 2,760 million euros (US $ 3,000 million) in the first half, compared with forecasts of 2.434 million euros.
In the second quarter, net income rose 74% to 1,223 million euros , also above expectations.
The April-June profit was boosted by additional sales of 0.8% in the Chinese bank CNCB , which generated net capital gains of 122 million, which added to the 583 million sale of the 5.6% recorded in March.
The group net interest income rose 6.9 June % to 7,521 million euros, while the gross margin rose by 11.4% to 11.554 million euros.
Analysts had expected a net interest income of 7.412 million euros and a gross margin of 11,241,000 euros for BBVA .
As for solvency levels, BBVA closed the first half of the year with a core capital ratio in terms Basel III fully anticipated 10.4% compared to 10.8% in March.
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