BBVA cuts €2 billion of toxic assets

Spanish banking group BBVA slashed its non-performing loans (NPLs) in the third quarter of this year, shrinking its ratio of soured assets to total exposures to 4.1%, from 4.4% the previous quarter and 4.6% a year ago. 

The value of on-balance-sheet NPLs fell by 10% to €17.7 billion ($20 billion) in the third quarter, down from €19.7 billion in the second quarter. 

BBVA’s country level units had mixed progress in clamping down on these unwanted assets. The Spanish and US entities cut their

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