BBVA Reports Good Full Year; Results Affected by Spanish Mortgage Floor Clause Provision
BBVA reported good full-year results. We plan to maintain our $7.50/EUR 6.75 fair value estimate and narrow moat rating. The group showed strong capital generation during the year, posting a fully loaded common equity Tier 1 ratio just below its 2017 target of 11%. This allows BBVA to consider a return to a full cash dividend with a planned 30%-40% payout ratio, replacing its current dividend-option program. Other results were positive as well. Net interest income increased to EUR 17 billion, up...
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