After a disappointing first quarter performance, BBVA’s second quarter 2016 results beat estimates, showing a good performance across the board, Norbolsa says.
Net profit reached 1.123 billion euros in the second quarter, compared with 709 million in the first.
Norbolsa analyst Amaya Miñambres notes that the results included “substantial one-off items (accounted for in ROF) like the capital gains from the sale of BBVA’s stake in Visa Europe and gains generated in the bank’s portfolios.”
In the domestic market, BBVA warned of the lack of visibility with regard to the expected trend in its loan book, Miñambres notes. In the second quarter, the lender recorded a slight increase in its credit base quarter-on-quarter (+0.4%)
BBVA will maintain its strategic position in Turkey, despite the recent failed coup in the country, having said it is too early to make an evaluation of the potential impact from that event, Norbolsa says.
