BBVA : A solid Q1 2022 in an uncertain climate
>Neutral rating maintained – € 6.4 target price unchanged - BBVA reported better-than-expected net profit (+39% vs cons), thanks to an improved showing for the main P&L lines (revenues +11%, costs -2% & LLP -15% vs cons) and confirmed its medium-term financial guidance. Factoring into our model these encouraging figures but also integrating an estimate at this stage of the indirect impacts of the crisis in Ukraine (worsening business outlook, deteriorating asset quali...Banco Bilbao Vizcaya Argentaria is an international financial group, engaged primarily on providing banking services and consumer finance to private individuals and businesses in Spain and Portugal; providing real estate activity in Spain; providing services to international companies and investment banking, capital markets and treasury management services to clients; and providing the banking, insurance and pension businesses in Mexico and the U.S., as well as in South America.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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