BBVA: share price in difficulty despite good results

(CercleFinance.com) - BBVA's share price fell on Monday, despite better-than-expected quarterly results, with the market frowning on its lacklustre performance in Mexico, a key market.


This morning, Spain's second-largest bank in terms of assets reported a 19% increase in Q1 net income (group share) to E2.2bn, 10% ahead of analysts' expectations.

The group, which says it attracted 2.8 million new customers in Q1 (67% of them online), while its net interest income climbed 25% to E6.51bn.

Better still, BBVA says it still expects to report 'double-digit' earnings growth this year.

Nevertheless, the share lost around 1% on the Madrid Stock Exchange following this publication.

Some analysts are highlighting the just 'in line' performance achieved in the first three months of the year in Mexico, where earnings rose by just 3.6% to 1.44 billion euros.

This confirms the recent slowdown in activity in the country, with costs proving to be higher than expected, one analyst said.


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