Spanish banking group BBVA has reported net attributable profit of €2.65bn for the first half of 2018. The BBVA results saw a jump of 14.9% from €2.31bn in the year ago period.
For the first half ended 30 June 2018, the banking group’s gross income dropped 5.1% to €12.07bn from €12.72bn in the first half of last year.
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The fall in the gross income was primarily attributed the fall in net interest income and the rise in fees and commissions by 1.5% on a year-on-year basis.
BBVA results
During the period, BBVA’s net interest income stood at €8.64bn, down 1.8% from €8.80bn in the year ago half.
The group’s operating income too fell 4.3% from €6.40bn in the first half of 2017 to €6.13bn in first half of 2018.
The operating expenses also dropped 5.8%, indicating strong cost discipline measures across the group.
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By GlobalDataBBVA Group in its financial statement noted that it has also advanced to achieve its target to have 50% digital customers this year.
As of 30 June, 25.1 million customers representing nearly 46% of its total clientele banked through digital channels, a surge of 26% year-on-year.
Overall, mobile customers made up 38% of the bank’s global customer base.
Commenting on the performance, BBVA CEO Carlos Torres Vila said: “Thanks to the progress achieved in the bank’s transformation, recurring revenues grew strongly during the first half of the year.
“This has been a very good quarter with significant improvements in profitability and value creation for our shareholders.”
