The bank recorded a 6.4 per cent core capital ratio and Tier 1 ratio of 7.8 percent.

Like the larger Santander Group, the bank has also seen its bad loans increase, to 1.54 per cent, from 0.88 per cent a year ago.

BBVA chief executive José Ignacio Goirigolzarri told Spanish business magazine El Economista that “even in this third quarter, one of the most complicated in the global financial system’s history” the country’s second largest bank managed to earn a net profit of €1.39 billion, showing that behaving prudently when times were good mean results are “solid” now.

Earlier this month BBVA’s wealth management arm, BBVA Patrimonios, said it sees more growth potential in Latin America than from its home base in Spain, according to Spanish daily El Mundo.

Like Santander, BBVA is largely driven by its Latin American banking interests at the moment, particularly in Brazil, Chile and Mexico.

It markets wealth management products through its network worldwide.

"Latin America has more growth potential for BBVA with high net worth individuals than Spain, as the economies in the region are growing," said Enrique Marazuela, head of private banking, according to Reuters.