Weakened property assets batter Spain's number-two BBVA bank
November 1, 2012, 11:38 am TWN
MADRID -- Spain's number two bank, BBVA, said Wednesday it had taken a battering from the slumping value of property-related assets, leading to a third-quarter net profit plunge.
Net profit dived 81.8 percent from a year earlier to 146 million euros (US$190 million) in the third quarter, the bank said. Net banking income surged 18 percent, however, to 3.88 billion euros.
Investors apparently welcomed news that Spain's second bank after Banco Santander was cleaning up its balance sheet of bad investments made in a property bubble that burst in 2008.