Bankinter S.A. - Banco Bilbao Vizcaya Argentaria S.A. Sponsored ADR (BBV..) BBVA 1Q18 results: Be aware of the forex

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Bankinter S.A.

Marisa Mazo

EUR 8.14 For Business Accounts Only

BBVA 1Q18 results: Be aware of the forex

Net profit to amount to €1.2bn

BBVA will release its 1Q18 results on Friday, April 27th. A webcast will be held at 9.30 am following this link: https://shareholdersandinvestors.bbva.com/financials/financial-calendar/.

We estimate that the net group profit may amount to €1.2bn, 8.7% above the consensus figure. Net interest income may rise +0.3% yoy, to €4.3bn, fees may decline -2.3%%, to €1.2bn and ordinary revenue would fall –4.8%% to €6.0bn, mainly due to lower trading gains. Costs may decline –5.2%, to €3.0bn leading to a pre–provision profit of €3.1bn (–4.5%), 2.4% higher than the consensus figure. Cost of risk will be approximately 0.9% of loans (annualised) or €0.9bn and non–recurrent items would amount to €0.1bn. All in, profit before taxes may increase +1.1%, to €2.1bn (7.5% higher than consensus estimates. Net group profit would only finally rise +3.6%, to €1.2bn. The group will book the €640 of capital gains from the Chilean bank divestment in 3Q18.

19/04/2018 8 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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