BBVA’s Net Profit Rises By 1.3% To €3.52 Billion But Hit By Writedowns On Its Telefonica Stake
Spain’s second largest bank BBVA generated a net attributable profit of €3.52 billion (+1.3%) in 2017. Without taking into account the impairment losses from Telefónica, net profit for 2017 stood at €4.64 billion, up 19.7% compared to 2016 results, excluding the provisions related to ‘floor clauses’ in Spain.