BBVA’s 3Q19 earnings reveal how core revenues of the banking business –net interest income and net fees and commissions– keep growing steadily. BBVA CEO Onur Genç noted the impact that digital transformation is having on the business. “We’re leveraging digital transformation in everything we do to create a competitive advantage,” he pointed out.
Finance
Finance
BBVA earned €1.23 billion in the third quarter, +6.1 percent yoy, excluding capital gains from the sale of BBVA Chile and this franchise’s earnings in 2018. The net attributable profit for the first nine months of 2019 reached €3.67 billion, +1.2 percent yoy (+0.5 percent in constant euros), on a comparable basis. The result was driven mainly by growth in recurring revenues and containment in operating expenses.
As of September 2019, BBVA stood at the top of the Spanish financial and corporate bond issues league tables published by Bloomberg. “The secret to being involved in so many bond issues is the bond value chain and teamwork,” said Regina Gil, Global Head of Credit at BBVA.
Onur Genç, BBVA CEO:
Garanti BBVA today announced its third quarter earnings. The bank’s net income for the first nine months of the year was TL 4.998.460 bilion(approximately €786 million), with total assets at TL 411.161.696 billion (around €64.67 billion).
Financial institutions are preparing to present Q3 2019 earnings. This week, it will be the turn of most Spanish banks, among them BBVA.
PSD2 is a European regulation for electronic payment services. It seeks to make payments more secure in Europe, boost innovation and help banking services adapt to new technologies. PSD2 is evidence of the increasing importance Application Program Interfaces (APIs) are acquiring in different financial sectors.
BBVA CEO Onur Genç said on Monday that the bank is focused on organic growth, efficiency and transactionality, all leveraged by digitization. “We are focused on these three levers to ensure we provide the best value,” he said at the 10th Expansión-KPMG Financial Meeting in Madrid. He also recalled that “we have been pioneering the digital transformation.”
The reform of the reference rates in the euro area to adapt to new regulations, promoted by the European Central Bank (ECB) along with other authorities, is taking shape. On October 2, the ECB began publishing a new overnight rate: the €STR.
Garanti BBVA is the industry leader in Turkey with its innovative retail banking products and services. As such, it was recognized as the Best Retail Bank in Turkey for the fifth year in a row by ‘World Finance,’ the internationally respected publication covering the global economy.