BBVA - BBVA: The Operating Income Should Help Absorb COVID-19 Loan Losses

Introduction

BBVA (BBVA) is a Spanish bank with a specific focus on its operations abroad as Spain only represented less than 20% of the bank's operating income in the first quarter. Its main profit generators are Mexico (36%) and Turkey (almost 21%) where BBVA seems to be overcoming some of the issues it had last year as the higher operating income allowed it to double its loan-loss provisions despite a decrease of the NPL ratio. So although it is a Spanish company, the bank generates just 1/5th of its operating income in the

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