Spanish mutual funds of Banco Bilbao Vizcaya Argentaria (BBVA) reached €32.7bn by the end of December 2016, which represents a 3.7% increase over the same time a year ago.
BBVA’s assets under management (AUM) in mutual funds and investment companies from the rest of the world also increased by 2.4% to €22.4bn for the period, according to the bank’s latest earnings report.
The BBVA group earned €3.48bn in 2016, up 31.5% from the previous year and its highest figure since 2010. Solid performance of recurring revenues, moderation in operating expenses, and a drop in impairment losses on financial assets are the key drivers of this growth.
“In 2016, our profit has grown strongly thanks to the group’s geographic diversification and business model,” said BBVA executive chairman Francisco González.
In accordance with its shareholder remuneration policy announced in October 2013, BBVA intends to distribute between 35% and 40% of profits to dividend payouts, with a 100% cash dividend policy.
The group is also proposing a final dividend option scheme that would be paid in April 2017 in the amount of €0.13 per share approximately, provided that it is approved by the annual general meeting and the board. Going forward, there would be two dividend payouts per year, tentatively in October and April of the following year.