Bankinter S.A. - Banco Bilbao Vizcaya Argentaria S.A. Sponsored ADR (BBV..) BBVA 3Q17: Beating consensus estimates

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Bankinter S.A.

Marisa Mazo

BBVA 3Q17: Beating consensus estimates

3Q17 results: Beating consensus estimates

BBVA obtained €3,349mn in net group profit in 9M17 (+23.3%) and €1.143mn (+18.5% yoy and +3.3% qoq) surpassing consensus estimates by 3Q17 and €1,976mn in underlying net profit, the latter surpassing the consensus estimates by +10.1%. The main difference was the stronger results achieved in Turkey and South America. NII rose +2.1% yoy, fees +3.4%, gross income declined –0.1%, cost fell –-4.4% leading to a net operating income of €3.1bn or +4.5% . Profit before taxes amounted to €1.981mn (+15.5%). The depreciation of the US dollar, the Turkish lira and the Mexican peso eroded 5.9pp to net group profit growth. By geographical areas, Spain obtained €391mn (+23.4%), the Real Estate unit lost €90mn (–15.5%), Mexico €536mn (+13.1%), Turkey €194mn (+39.4%), South America €212mn (+16.1%) and USA €125mn (+4.5%). Gross loans declined –3.3% yoy, to €416bn. Customer deposits declined –2.1%, to €392bn while other resources rose +4.3%, to €138bn. CET 1 fully loaded improved 10bp, to 11.2%. NPL ratio improved to 4.5% (4.8% in June 2017) while coverage rose to 72% (71% in June 2017). Tangible book value per share declined to €5.79, from €5.82 in June 2017, due to the aforementioned depreciation of currencies.

27/10/2017 4 EN

Underlying

Banco Bilbao Vizcaya Argentaria S.A. Sponsored ADR

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US05946K1016 Lima Stock Exchange Spain

Provider

Bankinter S.A.

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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Analysts

Marisa Mazo

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