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PRESS RELEASE - BBVA (This is an abridged version. Read the full release.)
In 2017, the BBVA Group generated a net attributable profit of €3.52 billion (+1.3%). Without taking into account the impairment losses from Telefónica, net profit for 2017 stood at €4.64 billion, up 19.7% compared to 2016 results, excluding the provisions related to 'floor clauses' in Spain. Record revenue and cost containment efforts in operating expenses were the main drivers of this result.
BBVA Group Executive Chairman Francisco González said that "the strength of recurring revenues and the improvement in efficiency show that we are advancing decisively in our transformation strategy. 2017 was a good year and 2018 will be an even better one."