February 1, 2018 / 6:35 AM / 10 months ago

BBVA Q4 net profit falls 90 pct after Telefonica stake writedown

MADRID, Feb 1 (Reuters) - Spain’s BBVA on Thursday posted a 90 percent fall in fourth quarter net profit against the same period a year earlier after a 1.1-billion-euro ($1.4 billion) writedown on its Telefonica stake

Spain’s second largest bank reported a profit of 70 million euros in the October to December period, compared to analyst forecasts in a Reuters poll of a loss of 139 million euros.

Net interest income (NII), a measure of earnings on loans minus deposit costs, was 4.6 billion euros in the quarter, up 3.9 percent from a year earlier and up 3.6 percent against the previous quarter.

Analysts had forecast a NII of 4.4 billion euros. ($1 = 0.8596 euros) (Reporting By Jesús Aguado; Editing by Paul Day)

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