Banco Bilbao Reports Good Third Quarter Helped by Improvements in Turkey, Mexico, United States
Banco Bilbao reported a good third quarter, and we plan to maintain our $7.50/EUR 6.75 fair value estimate and narrow moat rating. We were especially pleased to see the strong levels of capital generation during the quarter, at 29 basis points, taking the bank’s common equity Tier 1 ratio to 11% helped by a dividend-option program that allowed shareholders to take shares instead of dividends. Results elsewhere were also excellent. Overall net attributable profits increased 37% on a constant curr...
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