December 19, 2019 / 5:34 PM / a month ago

BBVA books impairment of $1.5 bln in the U.S.

MADRID, Dec 19 (Reuters) - Spain’s BBVA on Thursday said it would book an impairment of $1.5 billion in its U.S. unit in the fourth quarter due to a decline in interest rates this year and an economic slowdown.

“The impairment was the result of a negative adjustment in the value of the goodwill for the BBVA group investment in the U.S. business unit (...) caused mainly by the negative evolution of U.S. interest rates,” it said in a statement.

The bank said this would result in a lower-than-expected evolution in future profits, compared to previous estimates. ($1 = 0.8986 euros) (Reporting By Jesús Aguado; edited by Andrei Khalip)

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