BBVA’s Q1 net profit falls 75% on coronavirus provisions

BBVA announced its first-quarter net profit fell 75.3% from the same period a year ago after setting aside €1.43 bn in provisions to anticipate the coronavirus pandemic impact, prompting the lender to suspend dividend payments for 2020.

BBVA was the only major Spanish bank that had so far not modified or cancelled its shareholder remuneration policy.

The country’s second-largest bank by total assets reported a net profit of 292 million euros in the January to March period.

Original Story: Reuters| Jesus Aguado, Emma Pinedo
Photo: BBVA
Edition: Prime Yield