MADRID, April 27 (Reuters) - Spain’s BBVA said on Friday its first-quarter net profit rose 12 percent against the same period last year due to lower loan loss provisions and a solid performance in its main market, Mexico.
BBVA, Spain’s second largest bank, reported net profit of 1.34 billion euros ($1.62 billion) in the period January to March, above an average of analysts’ forecasts in a Reuters poll of 1.19 billion euros.
Net interest income, a measure of earnings on loans minus deposit costs, was 4.29 billion euros, down 0.8 percent from a year ago and down 5.9 percent against the previous quarter due to pressure from low interest rates.
Analysts had forecast a NII of 4.34 billion euros.
$1 = 0.8596 euros Reporting By Jesús Aguado; editing by Paul Day