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BBVA's net profit increases in first quarter

By BFN News | 03:41 PM | Wednesday 28 April, 2010

Banco Bilbao Vizcaya Argentaria's net profit rose 0.2% in the first quarter to €1.24bn and all its risk quality indicators improved significantly. Operating income rose 12.9% to €3.18bn with strong contributions from all revenue lines and wide diversification by business areas. Net additions to non-performing assets (NPA) during the period fell sharply due to a decline in gross additions and realized improvement in recoveries. The NPA ratio stabilised for the group (4.3%) as well as for markets most affected by the crisis and Mexico experienced an improvement. It said the cost of risk shows improvement, especially in those franchises where it had increased the most in recent quarters. BBVA further strengthened its capital position, ending the quarter with a core capital ratio of 8.1% after generating 22 basis points organically. Story provided by Business Financial Newswire

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