BBVA 2012 profit down 44 pct on Spain property hit

MADRID Fri Feb 1, 2013 1:53am EST

Related Topics

MADRID Feb 1 (Reuters) - Spanish lender BBVA said on Friday that its net profit fell 44 percent in 2012 after it booked big provisions at the end of the year against soured property assets in its home market.

Spain's second-biggest bank posted a 1.67 billion euro ($2.27 billion) profit for last year, in line with analyst forecasts in a Reuters poll.

BBVA, which makes the bulk of its gross income outside Spain, said its bad loan ratio was 5.1 percent at the end of December, up from 4.8 percent at end-September.

It posted net interest income of 15.12 billion euros, also in line with expectations. ($1 = 0.7367 euros) (Reporting by Sarah White; Editing by Clare Kane)

FILED UNDER:
Photo

After wave of QE, onus shifts to leaders to boost economy

DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.