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BBVA's Q3 net profit rises 19% thanks to Mexico

By Reuters News

MADRID, Oct 29 (Reuters) - Spain's BBVA BBVA.MC on Thursday said its third-quarter net profit rose 19% year-on-year, driven by a solid performance in Mexico, its main market, and overall higher lending income.

The second-biggest lender in the euro zone by market value booked a net profit of €3.02 billion ($3.37 billion) in the July-to-September period, slightly above the €3.01 billion expected by analysts polled by Reuters.

BBVA and peer Santander SAN.MC have relied in the past on Latin American markets to offset pressure from lower interest rates in the euro zone, but currency depreciations in emerging markets have sometimes weighed on results. This time, however, the appreciation of the Mexican peso against the same quarter last year supported earnings.

Net interest income, the difference between earnings on loans minus deposit costs, rose 21.7% year-on-year in the quarter to €8.08 billion, above analysts' forecasts of €7.88 billion, driven by solid underlying loan growth.

In Mexico, net profit rose 19% year-on-year in the third quarter, while in Spain, its second-biggest market, net profit fell 5.5%.


($1 = 0.8959 euros)

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