BBVA Reports Decent 2Q, Lower Trading Results Offset Uptick in Recurring Revenue
BBVA reported a decent second quarter with net profits increasing marginally to EUR 1,097 million from EUR 1,086 on constant exchange rates. We maintain our EUR 7.60/$8.50 fair value estimate and narrow moat rating.On the top line, BBVA fell short of its gross income figure of EUR 6.4 billion last year by just EUR 109 million, as an increase in recurring income was offset by lower net trading income. Net interest income grew EUR 268 million facilitated by good activities in emerging markets, w...
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