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.
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)