BBVA profits reach €2,200 million in the first quarter of 2024, up 19.1% from last year.

BBVA profits reach €2,200 million in the first quarter of 2024, up 19.1% from last year.

The BBVA Group earned profits of 2.2 billion euros between January and March of this year, 19.1% higher than in the same period in 2023, as stated on Monday in a report sent to the National Securities Market Commission (CNMV). The bank confirmed that these are “strong results,” and attributes them “mainly” to the interest margin, which rose by 15.4% on an annual basis to 6,512 million, and to net commissions, which rose by 31.1%. Up to 1,887 million euros. The bank notes that these numbers “compensate for the increase in operating expenses and the increase in write-offs due to the deterioration of financial assets.” The group explains that the results include 285 million euros in taxes on banking services.

Despite this tax, as well as operating expenses of €3,383 million, which BBVA links to inflation in countries where it operates such as Argentina, the gross profit margin rose to €8,218 million. Earnings per share increased by more than 23% and reached €9.17, an increase of 20% over last year.

BBVA notes that Mexico contributed 56.5% of the gains, with a record 1,441 million euros, thanks to consumer, cards and SMEs, and Spain 28%, with 725 million euros, because loans grew by 0.8% year-on-year and above. . Time deposits and investment funds. Turkey came behind with 6%, amounting to 144 million euros, and South America with 5%, amounting to 119 million euros.

On the other hand, the group highlighted that it added 2.8 million customers, 67% of whom did so via digital channels.

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Despite all this, BBVA CEO Onur Genç describes the results as “excellent” and that they improve the prospects. For this reason, he warns that he expects “annual profit to increase at rates of more than 10%.”

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