Spain's Banco Bilbao Vizcaya Argentaria SA (BBVA.MC) said that its 2017 profit will take a 1.12 billion-euro ($1.34 billion) hit due to a writedown on its stake in Telefonica SA (TEF.MC).
BBVA holds a more than 5% stake in the Spanish telecommunications group, it said late Tuesday.
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The company said the loss relates to the decline in Telefonica's share price and won't impact its total equity or its common equity Tier 1 ratio.
BBVA said that it expects to keep the dividend payment amount it proposes to the board unchanged.
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(END) Dow Jones Newswires
January 10, 2018 02:20 ET (07:20 GMT)