Negative Currency Headwinds Continued for BBVA, but Underlying Results Were Strong For 2Q
BBVA’s second-quarter results were again heavily influenced by exchange rates, as most of the currencies BBVA is exposed to depreciated against the euro. On a constant currency basis, results were strong, driven largely by results in Turkey and Mexico. We plan to maintain our $7.50/EUR 6.75 fair value estimate and narrow-moat rating.ÂReported attributable profit was down 8.2% versus the second quarter of 2015, however on a constant currency basis profit increased 4%. BBVA received a one-time ga...
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