BBVA Group FY16 Profit Up 31.5% - Quick Facts

(RTTNews) - Spanish financial services firm Banco Bilbao Vizcaya Argentaria, S.A (BBVA) reported a 31.5 percent increase in net attributable profit for fiscal 2016. The company noted that the profit was its highest since 2010 and reflected strong performance of recurring revenues, moderation in operating expenses and a drop in impairment losses on financial assets.

The company's fiscal 2016 net attributable profit rose 31.5 perecnt to 3.48 billion euros from 2.64 billion euros last year. Earnings per share for the year were 0.50 euros, compared to 0.37 euros last year.

Excluding corporate operations, net income from ongoing operations was also 3.48 billion euros, down 7.4 percent from last year.

Gross income for the full year increased 4.1 percent to 24.65 billion euros from 23.68 billion euros in the prior year.

Operating income grew 4.4 percent to 11.86 billion euros. At constant exchange rates the increase was 16.9 perecnt.

Net interest income increased 3.9 percent to 17.06 billion euros from 16.43 billion euros last year, or increased 14.9 percent at constant exchange rates.

In accordance with its shareholder remuneration policy announced in October 2013, BBVA intends to distribute between 35 percent and 40 percent of profits to dividend payouts, with a 100 percent cash dividend policy.

The Group is also proposing a final dividend option scheme that would be paid in April 2017 in the amount of 0.13 euros per share approximately, provided that it is approved by the Annual General Meeting and the Board. Going forward, there would be two dividend payouts per year, tentatively in October and April of the following year.