Impairment charge up 58% at BBVA
Write-offs and higher provisions take big bite out of bank’s income
Spanish bank BBVA shouldered a €1.19 billion ($1.32 billion) charge for impaired assets in the third quarter, which took a 37% bite out of its operating income for the period.
The writedown of poorly-performing loans was 58% higher than in Q2 and 17% up on the same quarter a year ago. The bank took a further €113 million out of income as a provision against future credit losses, compared with €117 million the previous quarter and €85 million in Q3 2018.
BBVA said the third-quarter impairments
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