BBVA's share price fell on Monday despite better-than-expected quarterly results, with the market reacting negatively to its lacklustre performance in Mexico, a key market.

This morning, Spain's second-largest bank in terms of assets reported a 19% increase in first-quarter net income (group share) to 2.2 billion euros, 10% ahead of analysts' expectations.

The group, which says it attracted 2.8 million new customers in the first three months of the year (67% of them online), saw its net interest income climb 25% to 6.51 billion euros.

Better still, BBVA says it still expects to report 'double-digit' earnings growth this year.

Nevertheless, the share lost around 1% on the Madrid Stock Exchange following this publication.

Some analysts are highlighting the just 'in line' performance achieved in the first three months of the year in Mexico, where earnings rose by just 3.6% to 1.44 billion euros.

This confirms the recent slowdown in activity in the country, with costs proving to be higher than expected", points out one analyst.

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