Basic earnings per share were EUR0.25, lower than EUR0.31 in the first quarter of 2010.
BBVA said its profit is supported by a suitable diversification in terms of businesses and geographies, and by superior risk management. Also, pre-tax income amounted to EUR1.66bn compared to EUR1.86bn a year ago.
Net interest income for the first quarter of 2011 declined 6.2% to EUR3.17bn from EUR3.38bn in the year-ago quarter.
By divisions, Spain made a profit of EUR477m, down 33% compared with a year earlier.
In Mexico, profit was up 26% to EUR436m, helped both by brisk loan growth and lower provisions.
The South American division saw similar trends, with loan growth in the region up 24% and deposits up 15%. Profit in the area, which includes BBVA’s operations in Argentina, Chile, Colombia, Peru and Venezuela, rose 20% to EUR280m.
Profit from Eurasia, a new unit that includes stakes in Garanti, Asia and other activities in Europe outside Spain, rose to EUR198m from EUR124m, a year ago.
The bank said bad loans as a proportion of the bank’s overall lending had dipped to 4.1% 4.3% a year ago.
