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Madmaxista
...pero son provisiones debido a sus adquisiciones en USA. Que ya os creiais que en españa hay subprime, o algo! Malpensaos!
BBVA Profit Plunges 94% on Writedowns for U.S. Goodwill, Loans - Bloomberg.com
BBVA Profit Plunges 94% on Writedowns for U.S. Goodwill, Loans - Bloomberg.com
Jan. 27 (Bloomberg) -- Banco Bilbao Vizcaya Argentaria SA, Spain’s second-biggest lender, said fourth-quarter profit slumped 94 percent as it wrote down goodwill on its U.S. business and set aside more money for bad loans.
BBVA fell the most in eight months in Madrid trading after saying net income fell to 31 million euros ($43.6 million) from 519 million euros a year earlier, the Bilbao, Spain-based bank said in a filing today. That missed the 1.05 billion-euro median estimate in a Bloomberg survey of nine analysts as the bank took a 704 million-euro writedown for its U.S. franchise.
BBVA has built a 778-branch business in the southern U.S. by consolidating acquisitions including its $9 billion purchase of Compass Bancshares Inc. in 2007. BBVA said it took the writedowns after analyzing its “most problematic portfolios” as it prepares for a tough year with recessions in its biggest markets of Spain and Mexico.
“Whenever there are writedowns like this, there must be a clear negative message behind that,” said Peter Braendle, who oversees about $57 billion at Swisscanto Asset Management in Zurich and holds BBVA shares. “My concern is that the worst may not be over, especially in Spain.”
BBVA fell as much as 4.8 percent and was down 4.6 percent at 11.48 euros as of 9:41 a.m. in Madrid. That valued the bank at 43 billion euros, the fourth-biggest on the 52-member Bloomberg Europe Banks and Financial Services Index.
Extra Provisions
The bank took 1.05 billion in charges as it adjusted the value of its U.S. business. Other writedowns included 200 million euros of provisioning charges for assets acquired in Spain as it reported additional losses on its Iberian consumer loan book, BBVA said.
Today’s writedown represents about 15 percent of the goodwill attached to the U.S. business, according to estimates by Banco BPI SA. U.S. provisions were 715 million euros higher than in the third quarter as the bank adjusted the value of commercial real estate collateral. The bank also took a charge of 73 million euros on its Mexican cards business and a 90 million-euro charge to account for Venezuelan inflation.
Bad loans as a proportion of total lending climbed to 4.3 percent from 2.3 percent a year ago. “Doubtful risks” on BBVA’s books leapt to 15.6 billion euros from 12.5 billion euros in September and 8.6 billion euros a year ago.
Loan Losses
“I don’t think the U.S. goodwill writedown is as important as all the new non-performing loans,” said Simon Maughan, an analyst at MF Global Securities Ltd. in London. “It’s catch-up time for loan losses. For those people who may have had their doubts about the Spanish methodology for timely reporting of NPLs, here is some strong evidence to support their view.”
Profit from Spain and Portugal fell 24 percent to 496 million euros from a year ago, the bank said. Bad loans as a proportion of total lending almost doubled to 5.1 percent from 2.6 percent as lending shrank 1.2 percent.
Earnings from Mexico dropped 29 percent to 268 million euros, the bank said. BBVA booked a loss of 122 million euros from its U.S. business compared with a 21 million-euro gain a year ago.
Net interest income climbed to 3.59 billion euros from 3.09 billion euros a year ago.
The bank had a core capital ratio of 8 percent compared with 6.2 percent a year ago. BBVA said it would keep its commitment to distribute 30 percent of 2009 profit in dividend payments.
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