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Results 27 Oct 2017

Carlos Torres Vila: "These excellent results prolong the positive trend of the first two quarters of the year"

BBVA CEO Carlos Torres Vila today explained, following the publication of the third quarter 2017 results, that in the first nine months of this year, BBVA earned 3.45 billion euros, 23% more than in the same period last year. “These excellent results prolong the positive trends we saw in the first two quarters of the year. The two key aspects fueling earnings were the growth in recurring income, and a great control of costs. On top of that, the decline in impairments is very positive and we also generated capital once more this quarter.”
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Annual accounts

Results: BBVA earns €3.45 billion in first nine months of the year (+23%)

  • Operating income: Recurring revenues continued their upward trend, growing 4.2% between January and September. This, together with cost containment efforts (expenses dropped 1.7% in the year to September), drove operating income to a record €9.52 billion
  • Risks: The NPL ratio continued to improve, reaching 4.5% in September (vs. 4.8% in June), the lowest level in the past five years. Coverage increased to 72%
  • Capital: The fully-loaded CET1 ratio rose to 11.2% in September, reflecting a capital generation of 30 basis points in the first nine months of the year
  • Transformation: The digital customer base grew 24% y-o-y to 21.1 million in September. Of these, the number of customers banking with their smartphones surged 43% to 15.8 million

As for the transformation of the Group, Carlos Torres Vila explained that “we are accelerating the execution.” In the year to date, “digital sales account for 25% of total sales. In the third quarter alone, more than 3.5 million units were sold through digital channels. At the end of the September we had close to 16 million mobile clients, 43% more than a year earlier,” he said.

As for banking activity In Spain, the BBVA CEO said, “We earned 14% more in this period, reaching 1.06 billion euros.” The strong growth in the net attributable profit is supported by excellent cost management and lower impairments. He added that “we have seen very important digital advances in Spain during the quarter, with the launching of Bconomy and the new design of the mobile app. All this is driving digital sales in a significant manner.”