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BBVA's Mexican ops book 11% growth in 2016 profits

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BBVA's Mexican ops book 11% growth in 2016 profits

Banco Bilbao Vizcaya Argentaria SA said it registered €1.98 billion in net attributable profit from its Mexican operations in 2016, up 11.0% from the previous year at a constant exchange rate.

Mexico, where the Spanish lender operates through unit Grupo Financiero BBVA Bancomer SA de CV, represented 46.3% of the company's overall net attributable profit for the full year 2016, excluding results from the corporate center.

Net interest income at the Mexican business grew 11.6% year over year to €5.13 billion, boosted mainly by higher volumes of activity, while net fees and commissions increased 10.2% to €1.15 billion.

The company noted that Mexico's economic growth slowed in the first three quarters of 2016 due to a decline in investment and deteriorating exports linked to the economic slowdown in the U.S.

"This trend looks set to continue, with exports still showing no clear signs of recovery, despite the support provided by a depreciating peso," BBVA said in an earnings release.

Net attributable profit from the South American region, meanwhile, ticked 1.1% higher year over year, assuming a constant exchange rate, to €771 million in 2016. Net interest income from the region jumped 11.4% and net fees and commissions rose 8.2%. South America accounted for 18.0% of the group's total profit for the year.

The company's South American subsidiaries include Banco Bilbao Vizcaya Argentaria Chile SA, BBVA Banco Francés SA, Banco Bilbao Vizcaya Argentaria Colombia SA and BBVA Banco Continental SA, among others.

The Spanish parent company posted a full-year 2016 net attributable profit of €3.48 billion, up 31.5% from €2.64 billion in 2015.