BBVA Group has posted a net attributable profit of €3.52bn for the year 2017, an increase of 1.3% compared with €3.47bn a year ago.

The Spanish banking major recorded rises in profits in spite of being hit by writedowns of €1.12 on the value of its stake in telecoms giant Telefonica.

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Without taking into account the impairment losses, BBVA Group’s net profit stood at €4.64bn for the year ended 31 December 2017, a jump of 19.7% compared to 2016 results.

Record revenue and cost containment efforts in operating expenses were the main drivers of this result, the bank said in its earnings statement.

The banking group reported net interest income of €17.76bn for the year 2017, up 4.1% compared to €17.706bn a year earlier.

Operating income stood at €12.77bn, an increase of 7.7% compared with €11.86bn in 2016. Operating expenses declined 2.3% year-on-year in 2017.

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Commenting on the performance, 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.”