The Corner | BBVA said net attributable profit rose 46% to 4.842 billion euros in the nine months to September from a year earlier, boosted by a strong performance in its main market Mexico.
Group net interest income rose 29% to 13.811 billion euros year-on-year, while costs increased by 12.8%, as the hike in interest rates offset inflation.
In Mexico, net attributable profit rose 47.5% in the nine-month period to 2.964 billion euros.
Bankinter analysts view:
We hope to see a positive reaction in the share price as the results have surprised on the upside in terms of business, revenues and credit quality in almost all geographical areas (Mexico, Turkey and South America).
The management team is maintaining the long-term financial targets (2024). Efficiency (42% vs 42.9% currently; RoTE ~14% vs 15.7% currently and growth in value (TBV) + dividends of +9,0% vs +19,5% actual).