There is a glimmer of hope emerging from Spain’s banks that have been battered by the property sector.
The country’s second biggest bank BBVA has exceeded expectations for first quarter profit, saying its bad debts have stabilised.
Net profit rose 0.2 per cent to 1.23 billion euros.
Latin America proved crucial to BBVA’s earnings. The bank said those areas hit hardest by the financial crisis, like Spain, the US and Mexico, and improved markedly.