Banco Bilbao Vizcaya Argentaria (BBVA) shares surged 5.53% in pre-market trading on Thursday, driven by better-than-expected second-quarter results and a newly announced share buyback program that exceeded market expectations.
The Spanish lender reported adjusted earnings of 0.54 euro per share, up from 0.46 euro a year earlier and above the 0.53 euro analyst consensus. Sales also topped estimates, with gross income reaching 10.51 billion euros versus the forecasted 10.42 billion euros. The strong performance was fueled by robust core revenue growth and improved provisions.
Additionally, BBVA launched a 2 billion euro share buyback, which analysts at Keefe, Bruyette & Woods described as larger and earlier than anticipated. The bank also raised its annual profitability guidance, reinforcing investor confidence and contributing to the pre-market rally.
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