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Updated Thursday, July 29, 2010 12:01 am TWN, AP

Spain's BBVA bank Q2 profit down 18 percent to US$1.69 bil.

MADRID -- Spanish bank BBVA said Wednesday its second-quarter net profit fell 18 percent to 1.29 billion euros (US$1.68 billion) from the same period a year earlier, as it set aside 250 million euros in provisions for insolvencies. Spain's second largest bank after Banco Santander said gross income for the April-June period increased 2 percent to hit a record 5.58 billion euros.

BBVA said the second quarter profit figure marked a 3.8 percent rise from the first quarter of this year. It attributed this in part to a recovery in business activity in Spain's troubled economy, with lending up 4 percent.

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