Santander, BBVA Face Profit Drain on Emerging Currencies

Banco Santander SA and Banco Bilbao Vizcaya Argentaria SA, Spain’s biggest banks, face a fresh risk to earnings as the slump in emerging market currencies threatens to slow growth from Brazil to Turkey.

Santander relies on consumer banking in Latin America for more than a third of profit, while BBVA has made Turkey, whose lira is the second-worst performer against the euro over the last three months, a centerpiece of growth plans. Santander reports fourth-quarter results on Jan. 30 and BBVA a day later.