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10.31.2019
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in the consumer portfolio in 1Q19. Operating income grew 21.9 percent yoy (+14.7 percent at constant exchange rates), thanks to the increase in revenue lines and stability in operating
expenses. Risk indicators performed favorably, with an increase of the coverage ratio from 91 percent in June to 102 percent in September, while the NPL ratio improved from 1.3 to 1.1 percent.
Lending in Mexico grew 5.4 percent yoy, thanks to the increase in mortgages (+10.3 percent) and consumer lending (+14.2 percent). In a complex
environment, with low economic growth, BBVA managed to retain its leading position, with a market share of 22.5 percent in performing loans. Customer resources also grew by 6.9 percent yoy, with special emphasis on time deposits (+18.4
percent) and mutual funds (+6.6 percent). The net attributable profit between January and September reached 1.97 billion, a 6.9 percent increase yoy at current exchange rates (+1.7 percent in constant euros), with net interest
income acting as the main driver (+11.9 at current exchange rates, +6.5 percent at constant rates). Gross income grew 10.7 percent on a yoy basis (+5.3 in constant euros) and operating income 11 percent (+5.6 percent in constant
euros). As for risk indicators, the coverage ratio stood at 136 percent and the NPL ratio increased slightly, from 2.2 percent to 2.4 percent during the quarter.
In Turkey, lira-denominated loans fell 1.9 percent compared to September 2018, while lending in foreign currency dropped 22.0 percent.
Deposits in both lira and foreign currencies declined in the 12-month period (-1.4 percent and -1.0 percent,
respectively). However, demand deposits in both currencies grew significantly over the same period (+15.5 percent and +22.8 percent yoy). Turkeys net attributable profit was 380 million, down 21.8 percent from the
same period of 2018 (-10.0 percent in constant euros). The net interest income performance was particularly solid, growing 6 percent yoy (in constant euros), thanks to a good price management and the
contribution of inflation-linked bonds, although it fell 7.9 percent at current terms, due to the Turkish liras depreciation during this period. Fees and commissions grew by 6.2 percent (+22.3 percent in constant euros), thanks
to the good performance of those linked to payments. The solid behavior in recurring revenues together with cost containment efforts with growth significantly below the average inflation rate for this period (+11.3 percent vs. +18.3
percent)-, helped operating income to grow 1.5 percent at constant exchange rates (-11.8 percent including currency evolution). As for risk indicators, the coverage ratio remained stable at
75 percent in the last quarter, while the NPL ratio grew from 6.3 percent to 7.2 percent.
In South America, excluding BBVA Chile
from the comparison, customer lending grew 7.7 percent compared to September 2018, thanks to solid results in Colombia (+5.6 percent), Peru (+7.9 percent) and Argentina (+19.7 percent). Customer funds also grew 7.1 percent in yoy terms.
The areas net attributable profit for the first nine months of the year reached 569 million, up 45 percent yoy (+62 percent in constant euros), thanks to positive trends in recurring revenues (net interest income plus fees
and commissions, which grew a combined 15.4 percent in current euros, 22.3 percent in constant euros) and the higher contribution of NTI. Regarding risk indicators, the regions coverage ratio stood at 97 percent, while the NPL
ratio reached 4.4 percent.
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BBVA Corporate Communications
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Tel. +34 91 374 40 10
comunicacion.corporativa@bbva.com
For more financial information about BBVA visit:
http://shareholdersandinvestors.bbva.com
For more BBVA news visit: https://www.bbva.com