The BBVA group will buy back shares for a maximum of 3.5 billion euros, up to 10% of its capital. In the previous year it had losses of 15 million euros.
The BBVA group recorded an attributable profit of 3,311 million euros in the first nine months of the year, as reported this Friday by the entity to the National Securities Market Commission (CNMV). The entity has left behind the losses of 2020 that amounted to 15 million euros and will buy back shares for a maximum of 3.5 billion euros (up to 10% of its capital).
In the third quarter alone, attributable profit was 1.4 billion euros, one of the highest in history. Meanwhile, the recurring result was 3.727 million between January and September of this year, 85% more than a year before.
BBVA has announced that this result has been possible thanks to the strength of interest margin and commissions, as well as a better-than-expected evolution of loan repayments.
This capital strength allows BBVA to execute the buyback of shares of up to 10% of its capital. The repurchase will be carried out in several terms in a maximum period of twelve months. The first of them, for a maximum amount of 1,500 million euros, and whose execution is estimated to last three to four months, will begin after November 18. “The European Central Bank has authorized the repurchase of up to 10% of our shares for a maximum amount of 3,500 million euros, one of the largest in Europe to date,” stated the CEO of BBVA, Onur Genç.
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