BBVA 1Q18 results: Surpassing consensus estimates
Net profit amounted to €1.3bn
1Q18 net group profit amounted to €1,340mn (+11.8%), surpassing both consensus and our estimates mainly due to lower provisions and non–recurrent items. Net interest income declined –0.8% yoy, to €4.3bn, fees rose +1.1%, to €1.2bn and ordinary revenue fall –4.5% to €6.1n, mainly due to lower trading gains. Costs declined–5.2%, to €3.0bn leading to a pre–provision profit of €3.1bn (–4.0%), 3.0% higher than the consensus figure and 0.6% higher that ours. Cost of risk declines to 0.85% of loans (annualised) or €0.8bn and non–recurrent items were negligible. All in, profit before taxes increased +8.3%, to €2.2bn (15% higher than consensus estimates). Forex eroded c. 11pp to net profit growth. CET 1 fully loaded (included corporate operations) rose to 11.47%, surpassing its 11% target and with an organic generation of 13bp.
Bankinter S.A. is a Spanish brokerage firm established in 1989. The company's line of business includes the provision of market research and trading services for Equity and Fixed Income products.
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