The Spanish BBVA Spanish bank has booked a lower drop in profits than expected in the second quarter.
At 2.75 billion euros, the surplus was two percent lower than a year earlier, as the money house announced in Madrid on Thursday. Analysts had expected a stronger decline. Now BBVA boss Onur Genc is setting new goals for the coming years: From 2025 to 2028, the institute is to earn a total of 48 billion euros – with an annual return of around 22 percent on material equity.
“BBVA is experiencing one of the best moments in its history,” said Genc, according to the announcement. “We are one of the most profitable banks in Europe.” With their now targeted return on equity, the Spaniards are far above what big German banks have made up: Deutsche Bank wants to finally get over 10 percent in 2025, and Commerzbank has set itself more than 12 percent for 2027. In the first half of the year, BBVA already came to 20.4 percent.
Since April 2024, the bank has been trying to take over its domestic competitor Sabadell. Their leadership considers the takeover offer of around 14 billion euros to be too low, especially since Sabadell on the stock exchange is currently evaluated by more than 16 billion euros.
For the BBVA share, Madrid is temporarily 6.01 percent up to 14.38 euros.
Madrid (dpa-Afx)
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