BBVA gains 14.9% more in the first half of 2018

The Banco Bilbao Vizcaya Argentaria ( BBVA ) obtained in the first half an allocated profit of two thousand 649 million euros, or 14.9% more than the same period last year, the financial entity said today.

In a press release, he said that "the strength of recurring revenues, the containment of operating expenses and the decrease in depreciation and provisions are the main reasons for this growth".

On these results, the CEO of the bank, Carlos Torres Vila stated that "thanks to the progress of the transformation of the bank, recurring revenues are growing with the strength in the semester. "

On the transformation of the bank, said that it is close to the goal that this year 50 percent of customers are digital, and the year next 50 percent are customers by mobile phones.

At the end of June, 46% of its customers (25.1 million, or 26% more per year) are linked to the bank by digital channels .

During the first half, 38.6% of the units sold were materialized by digital channels, compared with 22.4% in the same period of the previous year and only 14.6% % two years before.

The main driver of profit of BBVA in Mexico

The subsidiary of Mexico is the main driver of profit growth of the BBVA group, with a result of 208 million euros in first half of the year, 21.2 percent more than the same period last year.

The profit of the subsidiary in Mexico exceeds the other areas of activity of the group BBVA where the result also It was positive and contributed to the growth of profits double digit

On the activity in Mexico BBVA noted that its subsidiary maintained its strong leadership position in this period. in e The domestic banking sector

noted that at the end of June investment in credit had increased by 8.6% year-on-year, while client funds grew by 10% in

Regarding the income statement, the evolution of recurring income is again very positive: the interest margin increases by 7.8 % over one year and commissions of 8.2%

. that the discipline of costs allowed the expenses to rise below inflation and increased by 9.4% the net margin of Mexico

Regarding quality assets the main risk indicators continued to improve, with delinquency and coverage rates being respectively 2.0% and 155% in June.

Meanwhile, the activity in Spain result attributed to cumulative 793 million euros, 19.2 percent more than the same period of the previous year.

In United States the assigned result of the area in the first six months was 387 million euros, 51.2 percent more; while the subsidiary in Turkey reported a profit of 373 million euros, an increase of 25.6%.

The business sector South America (covering Argentina, Bolivia, Brazil, Chile, Colombia, Paraguay, Peru, Uruguay and Venezuela) gained 452 million euros between January and June, or 30.6% more than during the same period of 2017.

ntb