BBVA, CaixaBank Drop as First-Quarter Profit Miss Estimates
- BBVA hit by lower trading revenue and currency effects
- Low interest rates squeeze CaixaBank revenue from lending
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Banco Bilbao Vizcaya Argentaria SA and CaixaBank SA fell after reporting first-quarter profit that missed estimates, as market turmoil deprived the banks of revenue they have used to offset low interest rates.
BBVA’s shares dropped as much as 9 percent, the most in 10 months, and were down 7.5 percent to 6.23 euros at 3:45 p.m. in Madrid. CaixaBank was down 2.9 percent after falling as much as 6.3 percent.