BBVA in profit rise despite Spain debt crisis

Spanish bank BBVA has reported a 9.4 per cent rise in full-year net profit to 4.6bn euros (£3.9bn).

Lenders in Spain have been struggling with the fallout the credit crisis, with Spain's economy being badly hit.

BBVA does still have exposure to bad housing sector loans on its books.

However, it says it now has "limited exposure to developers".

BBVA has been trying to diversify away from the troubled Spanish economy.

Spain accounts for over a third of BBVA's business, making it more exposed to the euro zone's sickly fourth-largest economy than larger rival Santander.

The firm recently moved into the Turkish banking market when it acquired a stake of just under 25 per cent in Garanti Bank.

Bad loans as a percentage of the total loan book remained stable from end-September at 4.1 per cent.

The firm recently moved into the Turkish banking market when it acquired a stake of just under 25 per cent in Garanti Bank.