BBVA Quarterly Profit Drops, Misses Estimates on Lower Trading
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Banco Bilbao Vizcaya Argentaria SA said first-quarter profit fell 54 percent, missing estimates, on lower trading revenue and currency fluctuations and as a onetime sale was not repeated.
Net income fell to 709 million euros ($804 million) from 1.54 billion euros a year ago when the bank booked a gain from selling a stake in a Chinese lender, Spain’s second-largest bank said Thursday. Profit missed the 885 million-euro average of five analyst estimates compiled by Bloomberg.