BBVA reached a profit of 3,878 million euros during the first six months of the year, which represents an increase of 31% compared to the previous year. This figure would exceed 4,100 million euros if the temporary tax paid to the State in the first quarter in full, which amounted to 225 million for the business in Spain, is not deducted from it. From April to June alone, profits amounted to 2,032 million euros, with an interest margin of 5,768 million, 25% higher than a year ago and 100 million above the quarter of the year.
The group’s income reached 14,148 million euros, with a growth close to 24%. Specific, the interest margin (which is the difference between what the bank charges for borrowing money and what it pays its customers for deposits) shot up 33.6%, up to 11,410 million euros, in line with what has been seen in the rest of the entities that have been presenting their accounts over the last week. The commissions in his case grew by 9.4%, reaching 2,909 million euros.
On the other side, the operating expenses They increased at the group level at a rate of 21.6% largely due to the inflation rates observed in the countries where the group is present, such as Turkey (where it is close to 40%) or Argentina (at 116% at the end of June). Likewise, BBVA has carried out salary increases “to compensate for the loss of purchasing power of the workforce.”
During the first semester, the entity chaired by Carlos Torres managed to grow in its main markets, thanks to the impact of the increase in interest rates on its business in Spain and the increase in spreads in Mexico, which remain at levels of 11.25% since the last increase carried out by the country’s Central Bank last month of March, and which are the highest since the financial crisis. Here in the Eurozone, the European Central Bank (ECB) increased the reference rates again this Thursday to 4.25%.
With this Background curtainBBVA’s banking business in spain Its profit shot up 53.6% to 1,231 million euros, and represents a quarter of the group’s total result, with an interest margin that was almost 45% higher despite a slight drop in commissions. Mexico continues to be its first market, with 53% of the profit. From January to June, he earned 30.1% there, up to earning 2,614 million euros.