BBVA Plans Buyback After 2Q Beat Expectations on Interest-Rate Boost
28 Julho 2023 - 2:44AM
Dow Jones News
By Adria Calatayud
Banco Bilbao Vizcaya Argentaria said Friday that it plans to
launch a share buyback of up to 1 billion euros ($1.10 billion)
after net profit rose and beat expectations, thanks to a top-line
boost from higher interest rates.
The Spanish bank said it made a net profit of EUR2.03 billion
for the quarter compared with EUR1.63 billion for the same period
last year. BBVA attributed the result to the performance of
recurring income from its banking business, mainly net interest
income.
Gross income--the bank's top-line figure--rose to EUR7.19
billion from EUR6.02 billion. This was mainly driven by a rise in
net interest income----the difference between what banks earn on
loans and what they pay clients for deposits--to EUR5.77 billion
from EUR4.60 billion.
Analysts expected BBVA's net profit at EUR1.85 billion, net
interest income at EUR5.66 billion and gross income at EUR6.95
billion, according to consensus estimates provided by the bank.
The bank said the European Central Bank had granted it
authorization to launch a new share-buyback program of EUR1
billion, which will be considered an extraordinary capital
distribution in addition to its dividend policy.
Write to Adria Calatayud at adria.calatayud@dowjones.com
(END) Dow Jones Newswires
July 28, 2023 01:29 ET (05:29 GMT)
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