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BBVA Q1 Profit Stable

BBVA, a Spanish banking group, has posted a net attributable profit of EUR1.240bn, or EUR0.32 per share, for the first quarter ended March 31, 2010, compared to EUR1.238bn, or $0.34 per share, for the corresponding quarter of 2009.

Net interest income for the first quarter of 2010 increased 3.5% to EUR3.38bn from EUR3.27bn in the first quarter of 2009.

Operating income for the first quarter of 2010 was EUR3.18bn, an increase of 12.9% compared to EUR2.82bn in the comparable quarter of 2009.

The NPA ratio at 4.3% remained relatively unchanged to the close of 2009.

With regard to its capital base, BBVA has generated 22 basis points of core capital in the first quarter of 2010, of which seven points were consumed by the recent devaluation of the Venezuelan Bolivar.

Operating costs showed a year-over-year growth of 2.3% stemming in part from greater rental costs through the sale and leaseback operation of some buildings in Spain in the third quarter of 2009.

Spain and Portugal contributed EUR587m, Mexico EUR347m, South America EUR233m, the US E54m and wholesale banking & asset management business contributed EUR284m.