BBVA reduced net profit to June, but margins rise more than expected – Investing.com Spain

MADRID (Reuters) – BBVA (MC continued improving its margins in the first half of the year, although net profit fell 33.6 percent, but exceeded the forecasts of analysts.

the second largest financial institution in the country announced Friday that between January and June posted a net profit of 1,832 million euros, burdened by the adverse effect of exchange rates in countries emerging in which it operates and an unfavorable comparison extraordinary.

analysts polled by Reuters had expected on average a net profit of 1,645 million euros.

However, margins the entity linked to purely banking business increased by half marked by stiff competition in the lending business.

BBVA said net interest income (the difference between what the bank charges for lending and what pay for finance) increased by 11.2 percent to 8,365 million euros compared to 8,355 million expected in the Reuters poll.

the gross margin rose by 5.9 percent year on year to 12.233 million euros compared to 11,856 million planned.

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