Breaking News
Get 40% Off 0
👀 Reveal Warren Buffett's stock picks that are beating the S&P 500 by +174.3% Get 40% Off

Banco Bilbao Vizcaya Argentaria Q3 net income surpasses estimates, shares soar

Published Oct 31, 2023 18:10
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.
 
BBVA
+0.89%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
SX7P
+1.06%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

Spanish multinational banking group Banco Bilbao (NYSE:BBVA) Vizcaya Argentaria SA (BBVA (BME:BBVA)) reported a 13% increase in its Q3 net income, reaching €2.08 billion ($2.2 billion), according to a recent regulatory filing. This figure surpassed analysts' estimates of €2.02 billion and was primarily driven by a 23% surge in net interest income due to elevated interest rates and accelerated borrowing costs in Europe and Mexico.

Despite this overall success, BBVA experienced an unexpected quarterly loss in Turkey. The bank attributes this downturn to hyperinflation adjustments and tax increases. Nevertheless, the bank's profits in Spain exceeded estimates, and those in Mexico met expectations.

BBVA's shares have seen a significant rise this year, soaring 33%, which outperforms the Stoxx 600 Banks Index's 8% increase. The bank's successful performance is largely credited to CEO Onur Genc's strategic approach. Genc has focused on geographical diversification, digital expansion, and the recent introduction of a €1 billion buyback program. These strategies appear to be paying off, contributing to BBVA's robust financial results for the third quarter of 2023.

InvestingPro Insights

InvestingPro's real-time data and tips provide a deeper look into BBVA's financial performance and future prospects. According to InvestingPro, BBVA has a market cap of $46.95 billion and a P/E ratio of 6.37, indicating it is trading at a low earnings multiple. The bank's revenue growth over the last twelve months as of Q2 2023 is an impressive 23.85%.

Two key InvestingPro Tips provide further insights. Firstly, BBVA is noted for its consistently increasing earnings per share, which aligns with the reported 13% increase in Q3 net income. Secondly, despite the challenges in Turkey, BBVA has maintained dividend payments for 33 consecutive years, a testament to its financial resilience.

For those interested in more detailed insights, InvestingPro offers 9 additional tips and numerous other real-time metrics for BBVA. This wealth of data can provide a comprehensive understanding of the bank's performance and potential investment opportunities.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Banco Bilbao Vizcaya Argentaria Q3 net income surpasses estimates, shares soar
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email