BBVA First Quarter Earnings Beat Estimates on Tax Saving

BBVA SA posted first-quarter profit that beat estimates as fee income, trading performance and a lower hit from Spain’s bank windfall tax aided results.

Profit at Spain’s second biggest bank rose 23% in the three months through March from a year earlier to €2.7 billion ($3.1 billion), it said in a regulatory filing on Tuesday. A lower impact from hyperinflation in Argentina and Turkey, as well as a much lower cost from Spain’s windfall tax compared with last year boosted the result.