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Results 27 Oct 2016

Carlos Torres Vila: "We have already reached 11%, which was our target for 2017"

Following the publication of the third quarter results, BBVA CEO Carlos Torres Vila said today that the Group hit an important milestone in capital generation: a CET1 fully-loaded capital ratio of 11%, a goal originally set for 2017. “We have had solid growth in recurring revenues, cost control and stability in risk indicators,” he indicated prior to the press conference with Spanish media.

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Carlos Torres Vila said that: “It has been a good quarter for BBVA, with a net attributable profit of €965 million, and a net income of €2.80 billion for the first nine months of the year. We have had solid growth in recurring revenues, cost control and stability in risk indicators.”

Carlos Torres Vila

Results: BBVA earns €2.8 billion in first nine months (+64%)

-Income: Positive trends in recurring revenues (NII plus fees and commissions) continued between January and September, boosting gross income to €18.43 billion (+5.1% y-o-y)

-Risks: The Group's NPL ratio remained stable and stood at 5.1% at the end of September, the same level as in December 2012, while the coverage ratio was 72%

-Capital: BBVA achieved its 2017 capital goal ahead of schedule. The fully-loaded CET1 ratio stood at 11%, with a capital generation of 29 basis points in the quarter

-Transformation: BBVA’s digital customer base stood at 17.2 million (+20% in the past year). Of these, 11 million are mobile customers (+41%)

The BBVA Group earned €2.8 billion between January and September 2016, up 64.3% from the same period a year earlier. Stripping out the impact of corporate operations and currency fluctuations, growth reached 15.0%. Net attributable profit rose to €965 million in the third quarter.

BBVA’s CEO also drew attention to a highly relevant capital measure - the bank’s strong CET 1 fully-loaded ratio. “We have already reached a CET1 ratio of 11%, a goal we had set for 2017, and we have done so in September,” he confirmed.

Carlos Torres Vila also explained that: “We have added key new functions to our digital and remote channels, as we have we have been doing in recent months, adapting the way we engage with our customers.” Digital sales, customer satisfaction and the number of digital and remote channel users are growing at a robust rate. “We now have 11 million customers who use their smartphones to engage with BBVA.”