MADRID, April 29 Reuters Spain39;s BBVA on Monday said its firstquarter net profit rose 19 from the same period in 2023 thanks to a solid performance in Mexico and Spain.

The fourthbiggest lender in the euro zone by market value booked a net profit of 2.2 billion euros 2.36 billion in the January to March period, above the 2.06 billion euros expected by analysts polled by Reuters.

Net profit in Mexico, its main market, rose 12.6 yearonyear in the quarter, while in Spain it rose 36.5.

At a group level, BBVA39;s net interest income NII, or earnings on loans minus deposit costs, rose 15 yearonyear to 6.51 billion euros in the quarter, above analysts39; average forecast of 6.42 billion euros.

Against the previous quarter, NII rose 24 as interest rates have stayed higher for longer than expected in the euro zone.

1 0.9322 euros

Reporting by Jesús Aguado, editing by Inti Landauro

Source Reuters