Spanish group BBVA made a profit of 1,911 million euros at the end of the first half of the year, A figure that contrasts positively with the losses of 1157 million euros From the same period in 2020, as a result of the impact of the pandemic.
(See: Two UK Confessions for Grupo Aval).
The result was attributable to €2,327 million between January and June 2021, excluding the one-off effects of the results of the sale of BBVA in the United States and net costs of the restructuring plan in Spain. This figure is 146% higher than the corresponding figure for the first half of 2020.
The group said this result was made possible by strong income, in particular banking model income (interest and commission margin) and lower write-downs compared to the first half of 2020. After closing the BBVA sale in the US, the group maintains a strong capital position.
(See: Bank profits amounted to $3.96 trillion as of last May.)
“In the second quarter of 2021, our results have developed very positively. Our attributable recurring profit reached €1,294 million, well above pre-pandemic levels, thanks to the excellent net margin performance. We continue to make good progress in key areas of our strategy: We have doubled down on our commitment to sustainability and achieved a historic track record of customer acquisition through digital channels.Onur Genç, CEO of BBVA, commented.
was closing Sale of BBVA’s US subsidiary to PNC Financial Services Inc. (PNC).
Figures for the first half of 2021 confirm the acceleration of digitization at BBVA. Digital customers represent 66.1% of the total, and a total of 38.5 million (+36% since June 2019). Mobile customers grew 44.6% in two years, to 36.3 million, and made up 62.4% of the group’s total customers. New customer acquisition through digital channels has grown by 45% in the past 12 months, a historic record.
Similarly, BBVA has given a new impetus to its strategy by elevating sustainability to the highest executive level in the organization, while creating a new Global Sustainability District. The division was created with the aim of making BBVA the benchmark bank for clients in sustainability solutions.
(See: Finandina’s Transformation: Going 100% Digital.)
In addition, the bank has doubled its sustainable financing target and will channel €200,000 million through 2025. From 2018 until the end of the first half of 2021, the group has already channeled €67,000 million, of which €8000 million is in the second quarter of this year.
In Spain, An attributable result of €745 million was obtained during the first half of 2021, Much higher than the 108 million euros reached in the same period the previous year.
In South America, the profit attributable to the chapter was €218 million, up 110% from the first quarter of 2020.
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