Correction to BBVA 3Q Profit Grew Significantly Article

By Pietro Lombardi Features Dow Jones Newswires

Banco Bilbao Vizcaya Argentaria SA (BBVA.MC) said on Friday that its third-quarter net profit significantly increased, supported by higher net interest income and net fees and commissions as well as lower operating costs.

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The Spanish bank's net profit grew 18% compared with the same period last year to 1.14 billion euros ($1.33 billion).

BBVA said net interest income--the difference between what lenders earn from loans and pay for deposits, a key profit driver for retail banks--was EUR4.40 billion compared with EUR4.31 a year earlier.

Net fees and commissions slightly increased to EUR1.25 billion, while operating expenses declined to EUR3.08 billion, compared with EUR3.22 billion a year earlier.

The lender's fully loaded CET1 ratio, a key measure of capital strength, notched up to 11.2% from 11.1% in the previous quarter.

Write to Pietro Lombardi at pietro.lombardi@dowjones.com

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"BBVA 3Q Profit Grew Significantly," at 0547 GMT, misstated net interest income in the third quarter of 2016 in the third paragraph. The correct version follows: BBVA said net interest income--the difference between what lenders earn from loans and pay for deposits, a key profit driver for retail banks--was EUR4.40 billion compared with EUR4.31 billion a year earlier.

(END) Dow Jones Newswires

October 27, 2017 02:57 ET (06:57 GMT)