BBVA Banco Continental SA on Oct. 31 booked a 2018 third-quarter profit of 330 million Peruvian soles, up 3.4% year over year as the Peruvian unit of Spain's Banco Bilbao Vizcaya Argentaria SA saw a rise in its gross financial margin and less financial expenses.
The bank's net interest income in the third quarter fell to 564 million soles from 591 million soles in the linked quarter. However, the figure was 1.71 billion soles in the first nine months of 2018, compared with around 1.62 billion soles in the year-ago period. The bank's gross financial margin rose to 791 million soles, meanwhile, up 6.9% year over year.
BBVA Continental saw net income from financial services increase 4.3% during the third quarter to 752 million soles compared with the year-ago period. Meanwhile administrative expenses rose 4.0% to 373 million soles in the three-month period.
The bank's net credit portfolio as of Sept. 30 amounted to 51.70 billion soles, up 5.0% from a year ago. Its nonperforming loan ratio was 3.05%, compared to 2.95% in the linked quarter and 2.83% a year ago.
BBVA Continental's return on equity decreased to 18.54% in the third quarter from 18.77% in the year ago period, while return on average assets climbed to 2.20% from 2.09%.
As of Oct. 31, US$1 was equivalent to 3.37 Peruvian soles.
