3.3200 -0.02 (-0.60%)
After hours: 4:19PM EDT
|Bid||3.3200 x 34100|
|Ask||3.3900 x 309400|
|Day's range||3.3150 - 3.4000|
|52-week range||2.6400 - 5.8000|
|Beta (5Y monthly)||1.44|
|PE ratio (TTM)||4.65|
|Forward dividend & yield||0.47 (14.63%)|
|Ex-dividend date||07 Apr 2020|
|1y target est||2.70|
BBVA, Spain’s second-largest bank by market capitalisation, said it would cut its internal financial targets for this year and called for the relaxation of coronavirus restrictions to help kick-start the economy. “Financial targets, for sure, we will need to revise them because profitability levels will be heavily impacted this year and next,” Carlos Torres, executive chairman, said in an interview. BBVA’s internal targets are not public.
Goodwill impairments are rare under normal economic conditions but can spike when triggered by an extreme event that significantly affects markets.
Spain's second biggest bank BBVA <BBVA.MC> reported a loss of 1.79 billion euros ($1.94 billion) in the first quarter after a writedown in the United States and provisions taken against the potential fallout from the coronavirus outbreak. On Thursday, BBVA's fellow Spanish lenders Caixabank <CABK.MC> and Sabadell <SABE.MC> also reported steep profit declines due to provisions taken against the pandemic. BBVA said the goodwill impairment of 2.08 billion euros in the United States was mainly due to the economic damage of the COVID-19 pandemic though it did not affect its capital or liquidity.
German insurer Allianz <ALVG.DE> has struck a deal to invest in the bancassurance business of Spanish lender BBVA <BBVA.MC>, the companies said on Monday, confirming an earlier report by Reuters. The venture will give Allianz a platform to revive its Spanish distribution network for its property-casualty insurance products after a previous agreement with Banco Popular came to an end following Popular's sale to Santander in 2017. Allianz will acquire 50% plus one share of the joint venture for an initial 277 million euros ($299.94 million).
Spain's BBVA <BBVA.MC> has transferred up to 100 staff from its Madrid trading floor to a location just outside the city as part of its contingency plan to protect operations from potential disruption related to the coronavirus outbreak. BBVA currently employs 400 people at its trading floor at its Madrid headquarters and around a quarter are being transferred as of Thursday to Las Rozas, a suburb 20 kms (12 miles) northwest of the city, a spokesman said. The measure is aimed at ensuring that a potential infection of coronavirus would not disrupt the bank's markets business, he said.
Banco Bilbao (BBVA) might move higher on growing optimism about its earnings prospects, which is reflected by its upgrade to a Zacks Rank 1 (Strong Buy).
Spanish bank BBVA <BBVA.MC> booked a loss of 155 million euros (£130 million) in the fourth quarter due to impairments in its U.S. business, while a modest increase in overall lending income belied the struggle with low interest rates for lenders across Spain. BBVA's diversification overseas, especially in Mexico, has helped the bank cope with tough conditions in Europe in the years since the financial crisis. A decline in interest rates and an economic slowdown in the United States, which accounts for nearly 10% of the bank's earnings, triggered a negative adjustment of $1.5 billion to the value of the unit's goodwill.
Mexico's Senate aims to pass a first raft of bills to regulate fees for financial services by the end of October, said Ricardo Monreal, Senate leader of the ruling National Regeneration Movement (MORENA) party. Last November, shortly before President Andres Manuel Lopez Obrador took office, MORENA lawmakers presented a bill to limit bank fees, sparking an investor backlash that pummeled the peso , Mexico's S&P/BMV IPC stock index and banking shares.
The chief executive of Spain's BBVA said on Wednesday the bank was reinforcing internal compliance controls and was treating an alleged spying case "very seriously" although he said the issue had not had an impact on the bank's business. Spain's High Court placed the country's second-largest bank BBVA under formal investigation on Monday as part of a probe into the case that dates back to 2004, the court said in a statement. BBVA will be investigated on charges of bribery, disclosure of secrets and corruption in relation to the bank's alleged dealings with former police chief Jose Manuel Villarejo.
Spain's High Court on Monday placed the country's second-largest bank BBVA <BBVA.MC> under formal investigation as part of a probe into an alleged spying case that dates back to 2004, the court said in a statement. The decision follows a request by the anti-corruption public prosecutor last week and will see BBVA investigated on charges of bribery, disclosure secrets and corruption in relation to the company’s alleged dealings with former police chief Jose Manuel Villarejo. In a statement, BBVA's Executive Chairman Carlos Torres reiterated the company's "firm commitment to clarifying the facts and complying with the law".
Spain's National Court says it has accepted the request of state anti-corruption prosecutors to probe Spain's second-biggest bank for allegedly paying a police investigator to carry out industrial espionage. The National Court said Monday that it will investigate the BBVA bank for alleged corruption, bribery and disclosure of secrets. Prosecutors suspect that BBVA paid police investigator José Manuel Villarejo over several years to illegally gather sensitive information.
Spain's anti-corruption prosecutor has asked Spain's High Court to put the country's second-biggest bank, BBVA, under formal investigation as part of a probe into an alleged spying case, the prosecutor's office said in a statement on Wednesday. The move was widely expected as part of the investigation into the hiring by BBVA of ex-police chief, Jose Manuel Villarejo. News websites El Confidencial and Moncloa.com reported in January that Spain's second-biggest bank had hired Jose Manuel Villarejo's firm, Grupo Cenyt, to investigate officials of construction company Sacyr <SCYR.MC> as part of efforts to stop a takeover bid by the company in 2004.
A magistrate looking into an alleged spying case at Spanish bank BBVA expanded his investigation on Tuesday to former chief executive Angel Cano, two judicial sources said on Tuesday. The sources said that Cano, another former BBVA executive, four current BBVA employees and two other people with ties to BBVA were told to appear on July 4 and July 5 before the investigating judge Manuel Garcia-Castellon who is looking into the allegations of active bribery and secret information disclosure. Cano did not immediately respond to a request for comment, while BBVA declined to comment on the testimonies of former executives apart from saying that the judicial probe was making progress.
Uber Technologies Inc is partnering with bank BBVA and payments processor Mastercard to launch a debit card for drivers in Mexico, an Uber executive said on Tuesday, the company's latest gambit to promote banking in a country that runs on cash. "Uber supports the extension of financial services in the country," Federico Ranero, Uber Mexico's general manager, said at an event announcing the programme. The launch marks the first time that Uber has offered such a card outside of the United States, Ranero said.
Spanish bank BBVA must look closely at accusations against its former chairman Francisco Gonzalez to avoid potential costs to its reputation, Bank of Spain Governor Pablo Hernandez de Cos said on Monday. Spanish authorities are investigating contracts with a jailed ex-police chief Jose Manuel Villarejo, whom news reports said was hired by BBVA in 2004 to spy on top executives of a potential buyer, construction company Sacyr. In March, Gonzalez said he would temporarily step down as honorary chairman to avoid any harm to the bank's reputation during the inquiry.