Trending: BBVA Warns of Rising Cost of Risk
1534 GMT - Banco Bilbao Vizcaya Argentaria is among the most mentioned companies across news items over the past eight hours, according to Factiva data. The Spanish bank reported third-quarter results that exceeded consensus expectations at both the top and bottom lines, but warned that it expects its cost of risk to be higher than previously anticipated. BBVA made a third-quarter net profit of 2.08 billion euros ($2.21 billion), up 13% on the year-earlier period, on gross income--the bank's top-line figure--that rose 16% to EUR7.96 billion thanks to higher interest rates. Analysts had forecast net profit of EUR2.01 billion on gross income of EUR7.38 billion, according to consensus estimates provided by the bank. However, BBVA said its cost of risk ratio rose to 1.11% in the first nine months of the year, up from 1.04% for the half year, and the bank expects it to be slightly above current levels by year-end against its previous expectation of 1% for the full year. The deterioration in BBVA's cost of risk could make the market nervous, Renta4 analyst Nuria Alvarez wrote in a note to clients. BBVA shares at 1526 GMT traded 1.3% lower at EUR7.40. Dow Jones & Co. owns Factiva. (adria.calatayud@dowjones.com)
(END) Dow Jones Newswires
October 31, 2023 11:49 ET (15:49 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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