MADRID, April 29 (Reuters) – Spain’s BBVA (BBVA.MC), opens new tab on Monday raised its net attributable profit growth guidance for 2024 after beating first-quarter earnings forecasts thanks to a rise in lending income in Mexico and Spain.
BBVA sees lending income improving further in its home country this year thanks to fewer interest rate cuts in the euro zone than expected earlier this year and to a contained rise in deposit costs.
Like larger Spanish rival Santander (SAN.MC), opens new tab, BBVA expanded in emerging economies as it struggled to boost income in more mature markets, but a tightening monetary cycle in Europe since July 2022 has also supported its lending income.
Chief financial officer Luisa Gomez-Bravo told analysts in a call the bank expected a double-digit percentage rise in lending income in Spain this year, compared with previous guidance for mid-single digit growth.
It added that would help the bank achieve double-digit growth in group net attributable profit this year, and CEO Onur Genc said it expected further profit growth in 2025.
Previously, BBVA said only it expected net attributable profit to grow this year.
Source: REUTER
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