April 27, 2018 / 5:18 AM / in a year

Spain's BBVA posts 12 pct rise in Q1 y/y on Mexico and lower provisions

MADRID, April 27 (Reuters) - Spain’s BBVA said on Friday its first-quarter net profit rose 12 percent against the same period last year due to lower loan loss provisions and a solid performance in its main market, Mexico.

BBVA, Spain’s second largest bank, reported net profit of 1.34 billion euros ($1.62 billion) in the period January to March, above an average of analysts’ forecasts in a Reuters poll of 1.19 billion euros.

Net interest income, a measure of earnings on loans minus deposit costs, was 4.29 billion euros, down 0.8 percent from a year ago and down 5.9 percent against the previous quarter due to pressure from low interest rates.

Analysts had forecast a NII of 4.34 billion euros.

$1 = 0.8596 euros Reporting By Jesús Aguado; editing by Paul Day

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