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BBVA: Latin America Income Up

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Strong growth in Chile and Venezuela helps offset declines in Mexico for BBVA.

BY CHRONICLE STAFF

Despite a difficult year, Spain-based bank BBVA managed to increase its operating income in Latin America by 2.2 percent, but net attributable profit declined 23.8 percent, according to a Latin Business Chronicle analysis of its earnings statement.

The bank’s total Latin American operating income reached 5.5 billion euro (US$7.9 billion) last year. While operating income in Mexico, its top market in the region, fell 8.7 percent to 3.3 billion euro, it grew by 25 percent in South America to 2.2 billion euro.

"The magnificent revenue performance [in South America] was made possible by the well focused entry-price policy and the strong spreads that all the units in the area applied," BBVA said in its statement. "These were fundamental in offsetting the progressive slowdown in lending volumes."

BBVAs net attributable profit in South America grew by ...



Keywords: Argentina, Chile, Colombia, Mexico, Peru, Venezuela

 

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