BBVA Third Quarter Net Profit Increases 22.7% YoY on Declining Provisions

MADRID, Oct.29 (Reuters) – Spain’s BBVA reported on Friday that its third quarter net profit was up 22.7% from the same quarter a year ago due to lower loan loss provisions .

The lender posted a net profit of 1.4 billion euros ($ 1.63 billion) from July to September, more than the 1.06 billion euros predicted by analysts polled by Reuters.

The lender also indicated that it had received the authorization to buy back up to 10% of its capital for a maximum amount of 3.5 billion euros.

$ 1 = 0.8570 euros Report by Jesús Aguado; edited by Inti Landauro

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