Spain’s second largest bank BBVA’s net profit up by 9%



BBVA - Profit Grew by 9 Percent Amid Crisis

BBVA – Profit Grew by 9 Percent Amid Crisis

The second largest Spanish bank has seen its full year net profit rise by 9.4 percent in 2010 over last year to €4.6 billion ($6.3 billion, £3.9 billion).

Spain has been hit hard the financial crisis while the economy continues to suffer from high unemployment and falling property prices. BBVA also have exposure to the country’s battered housing market.

The bank however, clarified that it has “limited exposure to developers” in the troubled housing market. BBVA has been trying to diversify into other economies and reduce its dependence on the Spanish economy.

As part of the diversification process, it has recently entered the Turkish banking market and has acquired just-under 25 percent in Garanti Bank.

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