BBVA's first quarter net profit up 22.7% from same period in 2024

MADRID, April 29 (Reuters) - Spain's BBVA BBVA.MC on Tuesday said its first quarter net profit rose 22.7% from the same period in 2024 thanks to a solid performance in Spain, where it aims to expand through an around 12 billion euro takeover bid for smaller rival Sabadell SABE.MC.

The lender booked a net profit of 2.7 billion euros ($3.07 billion) in the January to March period, compared to 2.2 billion euros in the same period last year as it benefited from a lower impact from the renewed banking tax in Spain.

Analysts polled by Reuters expected a net profit of 2.42 billion euros.

($1 = 0.8784 euros)