April 30, 2020 / 5:05 AM / a month ago

Spain's BBVA posts says Q1 net profit falls 75% on coronavirus provisions

MADRID, April 29 (Reuters) - Spain’s BBVA said on Thursday its first-quarter net profit fell 75.3% from the same period a year ago after setting aside 1.43 billion euros ($1.55 billion) in provisions to anticipate the coronavirus pandemic impact, prompting the lender to suspend dividend payments for 2020.

BBVA was the only major Spanish bank that had so far not modified or cancelled its shareholder remmuneration policy.

The country’s second-largest bank by total assets reported a net profit of 292 million euros in the January to March period.

$1 = 0.9210 euros Reporting by Jesús Aguado, editing by Inti Landauro

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