BBVA Sees 79% MoM Increase in Net Profit in Q3 2020

BBVA, the second largest bank in Spain, has announced its financial results for the third quarter of 2020, reporting a 79 percent MoM net profit increase.

The bank generated €1.14 billion as net profit in the quarter, 79% higher than the second-quarter results. However, the number fell 6.9% from the same period a year ago. 

Due to the efforts for recurring revenues and cost containment,  operating income increased 13.5% to €3.09 billion compared to the prior year periods.

Additionally, tier 1 capital ratio of BBVA was increased to 11.52% by the end of September.

Meanwhile, net interest income rose 5.5 percent yoy in Q3 to €4.11 billion. Gross income climbed five percent in the quarter to €5.66 billion thanks to a good performance of NTI.

The Spanish bank also noted that it has four million more mobile customers than it did in December 2019 – a total of 32.8 million. This represents 14 percent more than in December 2019 and 57 percent of the bank’s total customer base. Digital customers (which includes mobile customers) have grown 12 percent since December 2019, reaching 35.6 million (62 percent of the total customer base). Furthermore, more and more customers are using BBVA’s mobile apps for their transactions: interactions have multiplied by five compared to one year ago.