BBVA, Spain’s second-biggest bank, on Tuesday reported a 14.2% year-on-year decline in Q1 net profits, to €1.24bn ($1.6bn), as asset writedowns and bad loan provisions offset improved net interest income. The result was distorted by a one-off gain from asset sales last time, according to the bank. With this included, profits were down nearly 37% from a year ago, it said.

This entry was posted by Gwen Robinson on Wednesday, April 29th, 2009 at 5:11 and is filed under Capital markets. Tagged with bbva. Edit this entry.