BBVA net profit down 53.8% in March, net interest income rises – Investing.com Spain

MADRID (Reuters) – BBVA (MC experienced improved margins in the first quarter, while net profit halved and the results were below forecasts of analysts.

the second largest financial institution in the country announced on Thursday that between January and March posted a net profit of 709 million euros, 53.8 percent below 1,536 million in the first quarter of 2015, figures burdened by the adverse effect of exchange rates in emerging countries where it operates and an unfavorable comparison extraordinary.

analysts polled by Reuters had expected on average net profit of 844 million euros.

However, the margins of the entity linked to purely banking business increased in a quarter marked by tough competition in the credit market.

BBVA said net interest income (the difference between what the bank charges for pay and what you pay for finance) increased even by 13.3 percent to 4,152 million euros compared to 4,295 million expected in the Reuters poll.

gross margin rose 2.8 percent year on year to 5,788 million euros, compared to 6,024 planned.

Among the factors with negative impact on the comparison with the first part of 2015 are depreciation Mexican peso and Turkish lira, and capital gains of 583 million euros earned in the first quarter of 2015 from the sale of 6.5 percent of Chinese CNCB.

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