BBVA Posts a Net Attributable Profit of €3.31 Billion in 9 Months

Spanish financial services provider, BBVA Group posted its financial metrics for the first nine months of 2021. BBVA reported a sharp rise in the net attributable profit as the number touched €3.31 billion between January and September 2021, compared to a loss of €15 million a year earlier.

The Spanish company saw strong growth in net interest income along with a solid performance in fees and commissions. During the first nine months of 2021, gross income jumped by 5.6% YoY to €15.9 billion. Additionally, recent numbers allow BBVA to carry out a share buyback of nearly 10% of its share capital.

“Our results have shown an excellent evolution in the third quarter of 2021. The net attributable profit reached €1.4 billion on the back of strong core revenue growth, and solid underlying risk performance. The capital strength allows us to continue growing and to increase our shareholder's distribution. In this sense, the European Central Bank has authorized the share buyback plan of up to 10 percent of our shares with a maximum size of €3.5 billion, one of the largest in Europe to date,” the BBVA CEO, Onur Genç said.

Busy Year

2021 remained a busy year for the Spanish company. BBVA recently launched digital retail banking in Italy to increase the adoption of digital banking channels in the region. BBVA took several initiatives this year to support innovation in the global Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term sector. In February this year, BBVA allocated $150 million to support fintech venture fund propel.

“Figures through September 2021 confirmed that the pandemic dramatically increased the use of digital channels among customers. The Group added close to 2.5 million new customers through digital channels (up 48 percent YoY), a new all-time high. Digital customers account for 68 percent of the total, with 40.1 million (+36 percent since September 2019). Mobile customers have grown by 43 percent over the past two years to 37.9 million and account for 64 percent of the Group’s customer base,” BBVA added in the announcement.