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Companies 26th April 2012

Santander, BBVA surpass €1 billion profit in Q1 2012: the geographical key

MADRID | Banco Santander registered a net attributable profit of €1.604 billion in the first quarter of 2012, a decline of 24% year on year. Santander, that released Thursday its results for the January-March period of this year, noted that this decline was mainly due to the significant increase in provisions for non-performing loans, which rose by 51% to €3.127 billion. Banco Santander revenues in the first quarter grew by more than…

Companies 27th March 2012

CaixaBank+Banca Cívica = Spain’s €342-billion leading financial group

Should Banco Santander and BBVA watch out for this one? The absorption of Banca Cívica, approved on Monday by Caixabank’s board, will create the leading bank in the Spanish market, with assets of €342 billion, stock market capitalization in excess of €16 billion, 14 million customers and an average Spanish market share in deposits of 14.0%, in customer loans of 13.4% and in total assets of 10.5%. CaixaBank will become…

Interviews 28th February 2012

BBVA’s Francisco González: “Spain has now a chance to regain credibility”

MADRID | The newspaper El País published an interview in its Sunday edition with Francisco González, president of BBVA and “one of the bankers that travels the most around the world. Some even criticise this obsessive international concern, but it provides him with the ability to know how Spain is perceived abroad.” What are the lessons learned after four years of crisis? This has been a very severe crisis due to a…

Markets 2nd February 2012

Eurocomparisons: BBVA profits fell by 34.8%; Deutsche Bank’s by 76%

By Tania Suárez, in Madrid | BBVA earned 34.8% less compared to last year, not such a significant figure when compared to Deutsche Bank’s (the largest bank in Germany) decrease of 76%. Despite this reduction, Sabadell and Banesto analysts recognise that the Spanish bank’s 4Q’11 results are better than expected. The only downside is the PAT, which was below the market consensus estimates (PAT:-139mn euros vs.938.53mn euros in 4Q’10 and…

Markets 10th January 2012

BBVA blames 4Q ’11 losses on US poor economic performance

According to a statement made to the Spanish regulator CMNV, BBVA will proceed to make an extraordinary adjustment to the value of its goodwill in the U.S. which will have a negative impact in the amount of €1bn (net after tax). BBVA justifies this decision on the poor long term prospects in the country, in contrast with the positive performance of the division. Banco Sabadell analysts explain that this adjustment…

Markets 14th December 2011

BBVA’s president González: “The UK will accept the new EU measures”

MADRID | The president of BBVA, Francisco González, commented at a press conference in Seul during the inauguration of a new branch in the Korean capital, that the worst part of European debt crisis is already over. González’s statement did not go unnoticed in any of the Spanish economic newspapers. “Francisco González pointed out that there would be no problems in the implementation of measures agreed during the meeting of European leaders…

Companies 24th November 2011

Good marks for BBVA’s €3.5-billion swap

The financial City of Madrid expects BBVA to close the bank’s gap in core capital required by Basel III, after the group’s board approved this week an offer of mandatory convertible bonds in exchange for €3.475 billion in preferred shares. Customers who hold the preferred shares distributed by BBVA in Spain will have the opportunity to exchange these at 100% of their nominal value for mandatory convertible bonds. The new bond, with…

Markets 20th September 2011

Spanish banks wonder: what Italian domino effect?

Spain’s banking sector rejected with some simple data at hand the domino-effect buzz renewed after Italian sovereign bonds were hit on Tuesday by a Standard&Poor’s downgrade. In fact, the only Spanish banks with Italian debt are BBVA and La Caixa. This comment comes from Ahorro Corporación Financiera analysts in Madrid: “In the early hours of the morning, ratings agency S&P reduced the rating of Italy’s sovereign debt from A +…

aggregation line 7th September 2011

"BBVA, Santander up with the four most solvent European banks"

In a report that analyzed the fifty largest financial groups in Europe, the risk agency Standard & Poor’s (S&P) ranking highlights credit grades awarded to each of them. In the classification, the two Spanish giants BBVA and Santander appear in the top positions. El Economista informs that “They occupy third and fourth steps respectively, based on the quality of their rating.” Of course, both still face the threat of a downgrade if the…

aggregation line 7th September 2011

“BBVA, Santander up with the four most solvent European banks”

In a report that analyzed the fifty largest financial groups in Europe, the risk agency Standard & Poor’s (S&P) ranking highlights credit grades awarded to each of them. In the classification, the two Spanish giants BBVA and Santander appear in the top positions. El Economista informs that “They occupy third and fourth steps respectively, based on the quality of their rating.” Of course, both still face the threat of a downgrade if the…