(Bloomberg) -- BBVA SA posted third-quarter profit that beat estimates, aided by robust fee income amid signs that earnings growth from lending is continuing to slow.
Spain’s second-largest lender reported a net income of €2.63 billion ($2.9 billion) on Thursday, compared to €2.39 billion in analyst forecasts compiled by Bloomberg. Fee and commission income came in at €1.91 billion, above estimates, while net interest income fell short of forecasts, dropping 9% year-on-year.
A jump in trading income also aided the result, at €1.04 billion.
BBVA is, like many of its peers, looking to fee income to help support results as the turn in global interest rates depresses earnings after a run of record profits. The bank is nearing the final stretch of a hostile takeover bid for Banco Sabadell SA.
BBVA made public its takeover bid in early May, valuing its Spanish rival at €11.5 billion at the time. Sabadell managers rejected the offer as not high enough.
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