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BBVA Perú profit up 12.4% in H1 as financial margin increases

Banco BBVA Perú posted a 12.4% increase in profit for the first half of the year, driven in part by stronger financial margin income.

The Peruvian unit of Banco Bilbao Vizcaya Argentaria SA posted 791 million soles in net income for the first six months of the year, up from 703 million soles in the year-ago period. The results included 435 million soles in profit for the second quarter.

The results came as BBVA Perú's gross financial margin jumped by 11.8% for the six-month period to 1.67 billion soles, including 844 million soles in the second quarter.

Loan loss provisions increased 6.3% to 373 million soles during the half year. Delinquencies rose to 3.13% by the end of the quarter, up 19 basis points from the prior quarter and 18 basis points from a year earlier.

The bank's Tier 1 capital ratio was marginally adjusted to 11.26%, down 11 basis points from a year earlier.

As of July 16, US$1 was equivalent to 3.29 Peruvian soles.