Q4 net profit of 2.06 bln euros tops forecasts of 1.88 bln
Books record 8.02 bln euros profit in 2023
NII falls 2 yy in the quarter, 18 down vs previous quarter
Net profit in Mexico and Spain rises, Argentina books small loss
Lender announces new share buyback of 781 million euros

MADRID, Jan 30 Reuters Spain39;s BBVA on Tuesday said its fourthquarter net profit rose 32 from the same period in 2022, supported by solid growth in Mexico and Spain that offset a weaker performance in South America.

Results in South America were impacted by a hyperinflation adjustment and a peso devaluation in Argentina in the quarter.

While the region still saw a rise in net profit of 2.7 yearonyear in the quarter, it fell 10.8 against the previous quarter as Argentina booked a loss of 5 million euros 5.41 million in the last three months of the year.

Overall, the fourthbiggest euro zone lender by market value booked a net profit of 2.06 billion euros in the October to December period, up from 1.56 billion euros in the fourth quarter in 2022. Analysts polled by Reuters expected a net profit of 1.88 billion euros.

Shares in the lender were flat at the open of trading.

In Mexico, its main market, net profit rose 11.5 thanks to higher loan volumes that supported net interest income NII, while in Spain net profit was up 78.

The lender also announced a share buyback of 781 million euros following the completion in November of a 1 billion euro buyback programme and a final cash dividend…