The Spanish bank BBVA closed the third quarter with a lower profit than a year earlier. This is mainly because the financial services provider sold a Chilean business unit a year ago. If the divestment is not included, the net result will increase.
Profit for the past quarter amounted to 1.2 billion euros, compared to 1.8 billion euros a year earlier. Cleaned for the divestment in Chile, there was a profit increase of 6.1 percent.
BBVA managed to increase net interest income by 3.2 percent at constant exchange rates, to 1.3 billion euros. In particular, markets in Mexico and South America were good for growth. Revenues from trading activities increased by more than three-quarters to 351 million euros.
Peretz M. is an accomplished economist and financial journalist with a deep understanding of the global economy and financial markets. He is a regular contributor to EconomicInform, where he provides expert analysis and commentary on current economic trends and events. With a strong educational background in economics, Peretz has a talent for breaking down complex economic concepts for a general audience and is able to provide insightful perspectives on a wide range of economic issues.