BBVA Profit Hit By Property Reserves
Banco Bilbao Vizcaya Argentaria SA has indicated that third-quarter 2012 net profit tumbled 82% after the Spanish lender set aside billions of euros to cover losses on property assets in its crisis-struck home market. In Spain, banks are grappling with the fallout from the burst of a huge housing bubble five years ago, a fast-shrinking economy and difficult financing conditions. Bad debts in the sector recently topped 10% of total loans, and lending is shrinking at a record pace, denting profitability.
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