Net profit rose in the first quarter compared to the same period of the previous year for Spanish financial services company Banco Bilbao Vizcaya Argentaria SA, or BBVA Group (BBVA), the company reported on Monday, mainly due to higher interest income.
Net interest income for the period grew 15.4% year-on-year, and net fees and commissions increased by 31.1%.
For the three-month period, the lender posted a net income of €2.2 billion or €0.36 per share, higher than €1.846 billion or €0.29 per share, recorded for the same period last year.
Excluding items, income per share was at 0.37€ per share versus the previous year's €0.30 per share.
Pre-tax income stood at €3.458 billion, compared with €2.944 billion in 2023. Operating income increased to €4.835 billion from €3.942 billion last year.
Net interest income was €6.512 billion, up from last year's €5.642 billion.
Fees and commissions were at €1.887 billion, compared with €1.439 billion a year ago.
Gross loans and advances to customers improved to €400.457 billion from last year's €373.481 billion.
Deposits from customers were €436.763 billion, higher than €395.88 billion in 2023.