The BBVA group has earned 4,038 million up to September, which is 47% more than the same period last year.
The financial entity, chaired by Carlos Torres, assures that these results respond "to the dynamism of the activity, with double-digit growth in the loan portfolio (15%) and the positive evolution of recurring income (28.8%)" . In the third quarter, profit reached 1,841 million, which represents 31.4% more.
"We hope that the coming quarters will be positive for BBVA and we will support companies, families and society as a whole," says Onur Genç, CEO, in the press release.
By geographical area, Spain contributed 1,312 million to the attributable result (27%), although at the head, as the main market, remains Mexico, representing 53% and contributing 2,964 million. With 6% of the cake is South America (614 million) and Turkey contributes 6%, with 336 million. The rest of the business, 3% (183 million) is provided by other markets.
The interest margin reached 13,811 million, which represents a growth of 32.6% year-on-year. BBVA argues that this line of business has experienced a good evolution in Mexico, Turkey and South America. Net commissions have risen 17.4%, to 4,030 million. The gross margin reached 18,366 million, which represents an increase of 21.2%.
Due to high inflation, operating expenses have grown by 14.5% in the first nine months of the year. The group's profitability is already at 15%. Its first quality capital remains at a ratio of 12.45%.
BBVA underlines that during the first nine months of the year, they have captured 8.6 million new customers and more than half of them are incorporated through digital channels.
In Spain, credit growth has increased by 4.6% and customer funds grew by 2.7%. In the line of recurring results, it generated 1,514 million, which represents 27.1% more year-on-year. This result does not include the negative impact of -210 million from the purchase of offices from Merlin, recorded in the second quarter of the year. If this negative impact is taken into account, the attributable result stands at the 1,312 million mentioned above. The default rate in Spain stands at 3.9% and has decreased by 13 basis points in the quarter.
