Latin flavour restricts BBVA profits drop

BBVA Group followed Santander’s drop in profits with a 10.9% drop in year-on-year pre-tax profits for the first quarter of 2011, despite a strong performance in Latin America. The Spanish bank made Eu1.659bn before tax in the quarter, giving it a net attributable profit of Eu1.15bn. Revenues were Eu5.263bn, a less than one percent fall.