MADRID (Reuters) – The CEO of Spain’s Sabadell, Cesar Gonzalez-Bueno, on Thursday said the bank could earn more than 1.6 billion euros ($1.76 billion) in net profit in 2024 if it manages to perform as well in the second half of the year as it did in the first.

Sabadell is trying to fend off an around 12 billion euro hostile takeover by rival BBVA.

In July, Sabadell said it expected to end 2024 with a net profit above 1.4 billion euros, taking into account a target of above 13% for the year’s return on tangible equity ratio, a measure of profitability.

Short of announcing a new forecast, Gonzalez-Bueno told shareholders in Barcelona: “(First-half results) were 791 million euros, almost 800. If we multiply it by two … this year we would earn 1.6 billion euros or more.”

His comments came following BBVA’s adjusted takeover offer for Sabadell on Tuesday that accounted for interim dividend payments from both lenders to shareholders to maintain the bid’s terms.

BBVA had initially offered one newly-issued share for 4.83 Sabadell shares, representing a premium of 30% over the target’s April 29 close.

Following Sabadell’s payment on Tuesday of an interim dividend of 0.08 euros against 2024 results, BBVA is now offering one newly-issued ordinary share for 5.0196 ordinary Sabadell shares.

Since BBVA plans to pay an interim dividend of 0.29 euros per share to its own shareholders on Oct. 10, the offer will again be adjusted to one newly-issued ordinary BBVA share and 0.29 euros in cash for every 5.0196 ordinary Sabadell shares.

As BBVA shares have fallen to 9.334 euros as of Thursday’s close from 10.90 euros when the offer was first made, the premium is now around 3.3%, valuing Sabadell at about 10 billion euros, Reuters calculations based on the new exchange ratio show.

($1 = 0.9070 euros)

(Reporting by Jesús Aguado; Editing by David Evans)