The Mexican subsidiary of Spanish financial institution BBVA announced a 48.3% drop in its net income totaling MXN6.44 billion (US$270m) for the first quarter of 2020 from the same period a year prior.

The same figure met with a 50% plummet from the fourth quarter of 2019, representing the dislocated economic environment amid the Covid-19 pandemic. The decrease in net income has led to an increase in credit provisions to face the uncertainty. The banks’ structured product issuance was healthy in the first quarter of 2020 despite the Covid-19 hit at the end of February, according to BBVA Bancomer’s head of global structured solutions, Pablo Parra (pictured) . “The current cr

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