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BBVA announced a net profit of 4,323 million euros between January and September, up 25.3%, fueled by good business in Mexico and the sale of its subsidiary in Chile, factors that offset the turkish crisis and hyperinflation in Argentina. The net result is well above that predicted by Bloomberg badysts, who estimated around 3,450 million. Of course, the result without internal operations amounts to 3,689 million euros, 7% more and also higher than expected. This figure includes the € 633 million capital gain (net of tax) generated by the sale of 68.2% of the share capital of BBVA Chile.
The entity that announced the replacement of its chairman, Francisco González, In 2019, he recorded a gross profit of 17,596 million euros between January and September, down 6.9%, while that the interest margin amounted to 12 899 million, minus 2.3%, affected by the evolution of the exchange rate. . At constant exchange rates, gross margin would increase by 4.3% and interest by 10.3%. BBVA emphasizes the "good behavior of income of a more recurrent nature". Net commission income increased by 8% between January and September to reach $ 2,749 million
Operating expenses for the first nine months increased 2.7%, also affected by foreign exchange rates (down 7%). , 1% at interest rates) exchange rate).
The entity highlights the negative impact of hyperinflation in Argentina (190 million euros) and, on the other hand, the positive impact on the funds own of 104 million euros.
By business line, Bank in Spain activity generated a net profit of 1,167 million euros, which represents a 10% increase, while Mexico made a profit of EUR 1 851 million, with an increase of 13% (which corresponds to 22.5% without taking into account the type). of change). The United States contributed 541 million euros, or 34% more. The Turkish crisis is reflected in its contribution to net income: 488 million, a decrease of 14%.
Besides the business center, Spain represents 24.5% of the result awarded and 25.1%. % of the gross margin. Mexico contributes 41% of the profit and 29.8% of the net margin and the United States, 12% of the net profit and 15.6% of the gross margin. For its part, Turkey contributed 10.8% to the profit of 15.6% of the gross margin.
In terms of risk management, the default rate was 4.1% in September (4.4% in June) and the coverage rate was 73%. In terms of solvency, the CET 1 full-load ratio is 11.34%, compared to 11.1% at the end of 2017.
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