MADRID (AP) — A big U.S. accounting adjustment saw Spanish bank BBVA post a fourth quarter loss, the company said Thursday.
Spain’s second-largest bank by market capitalization said it made a euro139 million ($183 million) loss in the fourth quarter as a result of a euro1.01 billion writedown in the value of its U.S. business. In the fourth quarter of 2010, the bank posted a euro939 million profit.
The turnaround in the fourth quarter performance was largely to blame for a 34.8 percent slide in the bank’s 2011 profit to euro3.00 billion ($3.95 billion).
Gross income was euro20.6 billion ($27.1 billion), down 1.6 percent from euro21 billion in 2010. It increased by 10 percent to euro5.5 billion in the last quarter compared to the same period in 2010.
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