BBVA Plans $846 Million Buyback After Profit Rises

By Helena Smolak

Banco Bilbao Vizcaya Argentaria plans a share buyback of 781 million euros ($846.1 million) after fourth-quarter net profit climbed on higher income, taking its full-year result to a new record.

The Spanish bank said Tuesday that net profit for the three months to the end of December was EUR2.06 billion, up from EUR1.58 billion in the same period of 2022.

The figure was slightly ahead of expectations of profit at EUR1.96 billion, according to analysts' consensus provided by the bank.

BBVA said its annual profit of EUR8.02 billion was its highest to date.

BBVA's gross income, its top-line figure, was EUR7.44 billion for the fourth quarter, up from EUR6.49 billion.

Net interest income--the difference between what banks earn on loans and what they pay clients for deposits--fell to EUR5.25 billion from EUR5.33 billion, but this was offset by increases in net fees and commissions and net trading income.

In addition to the buyback, which remains subject to regulatory approval, the bank declared a final dividend for 2023 of EUR0.39 a share, up from EUR0.31 a year before.

BBVA said it remains on track to deliver on its targets for the 2021-24 period.

Write to Helena Smolak at helena.smolak@wsj.com

(END) Dow Jones Newswires

January 30, 2024 01:53 ET (06:53 GMT)

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