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BBVA Q4 loss smaller than expected, 2013 profits rise
January 31, 2014 / 6:36 AM / 4 years ago

BBVA Q4 loss smaller than expected, 2013 profits rise

MADRID, Jan 31 (Reuters) - BBVA, Spain’s second-biggest bank, posted a smaller than expected fourth quarter loss of 849 million euros ($1 billion) on Friday, after it took charges from the sale of a 5 percent stake in China’s CITIC Bank Corp.

Analysts polled by Reuters had forecast the bank would make a 1.1 billion euro loss in the period.

Profits for the whole of 2013 rose by a third, helped by lower provisions against soured Spanish property loans.

BBVA’s 2013 net profit was 2.2 billion euros, slightly above analyst forecasts, while its net interest income - earnings from loans minus funding costs - came in at 14.6 billion euros, slightly down on 2012 levels. ($1 = 0.7373 euros) (Reporting by Sonya Dowsett, Editing by Sarah White)

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