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Spain's major bank BBVA increases return target for 2024

Spain’s major bank BBVA increases return target for 2024

Spain’s major bank BBVA is more confident about improving business in key markets. The financial group raised its forecast for return on equity (ROTE) in 2024 from 11.7 percent to 14 percent, it announced at an investor event. Among other things, BBVA is based on growth in Mexico and Turkey.

Despite investments in digital banking, the cost/income ratio is expected to drop from currently 44.7% to 42% by the end of 2024. This means that 42 cents must be spent on every euro of income.

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