Banco Bilbao Vizcaya Argentaria Fiscal-Year 2018: Resilient Results in a Challenging Environment
Banco Bilbao Vizcaya Argentaria reported net attributable profit of EUR 5.3 billion for the 2018 fiscal year. Unadjusted, this represents a 51% increase on 2017; however, if we exclude some large non-recurring items in both the 2017 and 2018 fiscal years, the underlying earnings growth decreases to 7%. This was in line with our and consensus' estimates. We maintain our narrow moat rating, mainly due to the cost advantages and switching costs that its Mexican operation BBVA Bancomer enjoys in its...
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