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BBVA profits fall due to real estate provisions

Date : (News Section: Spain)

BBVA profits fall due to real estate provisions
Spanish bank BBVA is the latest financial institution in the country to report lower profits as a result of having to make greater provisions to cover potential losses on property assets.

Tuesday (July 31st) the bank reported its first-half net profit dropped by 57.5 per cent compared to the same period last year, AFP revealed. 

BBVA announced it has now set aside approximately one-third of the total amount required to protect it from any bad loans on real estate in Spain.

It has written off around €1.4 billion (£1.1 billion), although under new government legislation the financial institution needs to set aside a total of €4.64 billion by the end of 2012.

The organisation has also indicated that it will not require any of the funds provided by the eurozone to help Spain's struggling banks.

Santander has already reported a dip in first-half profits of just over 50 per cent, largely due to its provisions for real estate losses. Sabadell also recently posted much lower profits for the first six months of the year after putting €1.89 billion aside to cover toxic assets.

Article created on behalf of News Desk ()

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