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BBVA Q1 result negatively impacted by FX rates

Banco BilbaoVizcaya Argentaria SA's first-quarter net attributable profitdeclined year over year to €709 million from €1.54 billion.

The lender noted that results were determined in general bya "very negative effect" of exchange rates against the euro of themain currencies that affect the group's financial statements, and by the lackof corporate operations. BBVA also noted that the first-quarter 2015 resultincluded a one-off€583 million capital gain from various sale transactions equivalent to 56% ofthe group's stake in China CITICBank Corp. Ltd.

EPS for the first quarter was 10 cents, compared to 23 centsa year earlier.

Net interest income amounted to €4.15 billion in the firstquarter, compared to €3.66 billion a year earlier. Net fees and commissionsincreased year over year to €1.16 billion from €1.08 billion. Net tradingincome declined to €357 million from €775 million in the first quarter of 2015.

Net impairments on financial assets decreased to €1.03billion in the quarter from €1.12 billion a year earlier. Net provisions alsodeclined on a yearly basis, to €181 million from €230 million.

The nonperforming loans ratio was 5.3% at the end of March,down from 5.6% a year ago.

ROE for the quarter was 5.6%, compared to 8.8% a year ago.

The bank's phased-in Basel III CRD IV common equity Tier 1ratio was 11.6% at March-end, compared to 12.1% at the end of 2015 and 12.7% ayear earlier.