Credit losses in US, Turkey ding BBVA’s profits
Impairments jump €142 million in the US and €51 million in Turkey year-on-year
Impairments ate up €1 billion ($1.1 billion) of BBVA’s first-quarter income, 24% more than a year ago, as the bank wrote down the value of souring loans in the US and Turkey, and became more bearish on the credit outlook of the two countries.
BBVA wrote down credit assets in the US by €162 million in the first quarter, up from just €20 million in the year prior. Impairments on assets in Turkey hit €202 million, up from €151 million year-on-year. These increases were partly offset by reduced
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