BBVA Q1 Net Profit Slumps - Quick Facts

(RTTNews) - Spanish financial services firm Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) reported a plunge in first-quarter 2014 net attributable profit to 624 million euros, from 1.73 billion euros, a year earlier, due to corporate operations that were booked in the first quarter 2013. Quarterly basic earnings per share also plummeted to 0.10 euros, from 0.30 euros in the prior-year quarter.

However, net income from ongoing operations rose 18.7% year-over-year to 744 million euros, from 626 million euros. Excluding the exchange rates' effects, the increase was 76.1%.

For the recent quarter, net interest income of 3.39 billion euros, was slightly lower than last year's 3.62 billion euros.

The company said in a statement, "The year-over-year comparison of quarterly earnings is affected by factors such as the absence of corporate operations in the first part of the current year and the negative impact of exchange rates against the euro. Nonetheless steady generation of revenues, costs control and lower provisioning helped to configure a solid income statement."