BBVA Sees Significant Jump in Net Attributable Profit in 9 Months

BBVA Group, a leading Spanish financial services provider, has reported its financial results for the nine months from January and September 2021. The bank posted a net attributable profit of €3.31 billion for the period, compared to a loss of €15 million a year earlier.

During the first nine months of 2021, the company generated a net attributable profit, excluding non-recurring impacts, of €3.73 billion, representing a year-on-year increase of 84.9%.

In addition, the Spanish company saw its gross income jumped by 5.6% YoY to €15.9 billion during the nine months. Further, recent numbers allow BBVA to carry out a share buyback of nearly 10% of its share capital.

In 3Q21 alone, the attributable profit was €1.4 billion, one of the highest in record. These earnings were possible thanks to the solid performance of the net interest income and fees and commissions, and a better-than-expected evolution of impairments.

“Our results have shown an excellent evolution in the third quarter of 2021. The net attributable profit reached €1.4 billion on the back of strong core revenue growth, and solid underlying risk performance. The capital strength allows us to continue growing and to increase our shareholder’s distributions,”BBVA CEO Onur Genç said.

Earlier this month, BBVA has launched digital retail banking in Italy​ to increase the adoption of digital banking channels in the region.