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Spain's BBVA registers 2.8 bln-euro profits up to September

Xinhua, October 28, 2016 Adjust font size:

Spain's second-biggest bank BBVA registered 2.8 billion euros (3.05 billion U.S. dollars) of net profits in the first nine months of 2016, 64.3 percent up from the same period of a year earlier, the lender reported on Thursday.

The bank said that in the third quarter of the year profits had reached 965 million euros.

BBVA CEO Carlos Torres Vila said "it has been a good quarter, with solid growth in recurring revenues, cost control, and stability in risk indicators. Furthermore, we have already achieved the capital goal we had set for 2017."

Meanwhile, in Spain, BBVA earned 621 million euros in the first nine months of the year, which meant an 8.8 percent rise when compared with the same period of a year earlier.

Torres announced that the lender will close around 100 branches in Spain and will cut its staff by around 2,000 people.

He also asked the future Spanish government to work on the labor reform, reduce the public deficit and boost measures in order to reduce Spain's unemployment rate. (1 euro = 1.09 U.S. dollars) Endit