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BBVA FY'16 profit up 31.5% YOY despite mortgage floor provisions

Banco Bilbao Vizcaya Argentaria SA reported full-year 2016 profit of €3.48 billion, up by 31.5% from the previous year and its highest figure since 2010.

The result included an after-tax negative impact of €404 million related to a gross provision of €577 million, booked in the fourth quarter, to cover possible future claims relating to interest rate floors on previously sold mortgage contracts.

The bank's fourth-quarter 2016 net income reached €678 million, down on a yearly basis from €940 million.