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Spain's BBVA Warns of EUR35 Million Cut in

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56Chevy Member Level  Saturday, 06/15/13 07:36:47 PM
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Spain's BBVA Warns of EUR35 Million Cut in June Profit on Mortgage Ruling

Banco Bilbao Vizcaya Argentaria SA (BBVA, BBVA.MC) said Wednesday that a change in its mortgage structure contracts will have an adverse impact on its June net profit.

In a filing to the Spanish stock market regulator, Spain's second-largest bank by market capitalization said its net profit in June will be reduced by 35 million euros ($46.7 million) after Spain's Supreme Court banned banks from overcharging consumers on variable mortgage rates when the Euribor benchmark interest rate dropped below a floor rate set by the banks.

BBVA said it will cease to include the clause of setting a minimum interest rate in its mortgage contracts, retroactively from May 9, which is the date when the court ruling was released.

The bank added that the impact on coming months will be determined by the performance of the one-year Euribor rate.

http://ih.advfn.com/p.php?pid=nmona&article=57968981

* I do not own shares of BBVA at this time. PPS as of 6/14/2013 was $8.91






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