BBVA 2Q Profit Grew; Share Buyback Program to Start in 4Q :

BBVA 2Q Profit Grew; Share Buyback Program to Start in 4Q


Provided by
Dow Jones
By Xavier Fontdegloria
Banco Bilbao Vizcaya Argentaria SA said Friday that it will start a share buyback program of up to 10% of its capital in the fourth quarter after registering better-than-expected profits from April to June.
The Spanish bank's net profit grew 10% compared with the same period last year to 701 million euros ($833.4 million). Analysts expected the lender to post a profit of EUR379 million.
BBVA said net interest income--the difference between what lenders earn from loans and pay for deposits, a key profit driver for retail banks--was EUR3.50 billion compared with EUR3.54 billion a year earlier.

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