MADRID, April 29 (Reuters) - Spain's BBVA on Monday said its first-quarter net profit rose 19% from the same period in 2023 thanks to a solid performance in Mexico and Spain.
The fourth-biggest lender in the euro zone by market value booked a net profit of 2.2 billion euros ($2.36 billion) in the January to March period, above the 2.06 billion euros expected by analysts polled by Reuters.
Net profit in Mexico, its main market, rose 12.6% year-on-year in the quarter, while in Spain it rose 36.5%.
At a group level, BBVA's net interest income (NII), or earnings on loans minus deposit costs, rose 15% year-on-year to 6.51 billion euros in the quarter, above analysts' average forecast of 6.42 billion euros.
Against the previous quarter, NII rose 24% as interest rates have stayed higher for longer than expected in the euro zone.
($1 = 0.9322 euros)
Reporting by Jesús Aguado, editing by Inti Landauro
Source: Reuters