BBVA profits double on LatAm sales

Spanish bank BBVA saw second quarter profits increase 90.8 per cent on the year to €2.88bn, largely on asset sales in emerging markets. Profits increased in some areas – Mexican profits increased 6.5 per cent in the first half – but profits in South America as a whole fell 11 per cent and those in Spain dipped five per cent. Group profits increased sharply on earnings of €1.7bn in Latin American asset sales, including pensions businesses.