BBVA increases its profit to 5,961 million euros, 24% more and a record for the bank

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BBVA closes this Tuesday the presentation of results of the large banks in Spain and does so by maintaining the level and tone of the sector: with record profits that, in its case, reached 5,961 million euros until September, 24.3% more than in the same period of the previous year, largely due to the effect of the increase in interest rates.

Total income between January and September was 22,104 million euros, which is equivalent to an increase of 21.1% compared to the same period in 2022. Of that figure, net interest income increased by 29.4%, to 17,843 million euros, while commissions reached 4,594 million, 13.6% more.

“In the first nine months of 2023 we obtained excellent results, thanks to the positive evolution of recurring income. We are one of the most efficient and profitable banks in Europe, with a profitability that has already reached 17%. These results allow us continue generating value for our stakeholders and contribute to the progress of society,” said the CEO of BBVA, Onur Gençin a statement released by the entity.

The indicators that measure profitability, ROTE and ROE, stood at 17% and 16.3%, respectively, somewhat higher than in September 2022. On the client side, the group captured 8.3 million new ones (compared to 8.6 million last year), of which 65% accessed the bank through digital channels.

Delinquency rates fell a couple of tenths compared to the previous year, to the current 3.3%, although in Spain it rose to 3.97% as a result of the impact of inflation and rate increases on households and families. .

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