Trading account

The BBVA Group earned a record €7.62 billion from January through September, up 28 percent yoy (+44 percent at constant exchange rates). Of this figure, €2.63 billion are from 3Q24 (+26 percent). Earnings per share grew even higher (+32 percent), to €0.44 on the back of share buyback programs over the past 12 months. Greater lending activity (+11 percent in constant euros) drove these results. Profitability (ROTE) rose to 20.1 percent, with a solid capital position (CET1 fully loaded of 12.84 percent). Furthermore, the efficiency ratio improved to a record of 38.9 percent. BBVA continues to generate value for shareholders: the tangible book value plus dividends per share increased by 16 percent yoy.

BBVA posted a net attributable profit of €4.99 billion through June 2024, up 29 percent yoy (37 percent in constant euros). Profit in 2Q24 rose 38 percent compared to the same period a year earlier (37 percent in constant euros), reaching €2.79 billion, on the back of strong activity. Lending grew by 10.7 percent yoy in constant euros, with a notable contribution from corporate loans. Furthermore, BBVA boosted the value creation for its shareholders, with a 20 percent annual increase of the tangible book value plus dividends per share. Profitability (ROTE) reached an outstanding 20 percent and the efficiency ratio stood at 39.3 percent, an all-time best.

The BBVA Group started 2024 with very positive results: Net attributable profit reached €2.2 billion in the first quarter, up 19 percent from a year earlier (+38 percent at constant exchange rates). Earnings per share rose at an even higher pace, 23 percent yoy. These figures are the result of bolstering activity -lending grew 9.5 percent yoy in constant euros- and the outstanding performance of recurring income, which increased 19 percent yoy (+27 percent in constant euros). Additionally, between January and March, BBVA added 2.8 million new customers, 67 percent of them digitally; and channeled €20 billion in sustainable business.

In 2023 the BBVA Group added 11.1 million new customers and increased lending nearly 8 percent yoy. The bank also channeled €70 billion in sustainable business, exceeding the €200-billion mark since 2018. BBVA posted a record net attributable profit of €8.02 billion in 2023, up 22 percent yoy (+35 percent in constant euros)¹. Recurrent earnings per share rose even more, 27 percent, driven by share buybacks executed in 2023. BBVA will pay a cash dividend €0.55 per share against 2023 earnings², 28 percent more than in 2022, and will launch a new share buyback program for €781 million³. In total, BBVA will distribute more than €4 billion to its shareholders.

¹Recurrent net attributable profit growth, excluding in the comparison the net impact of the purchase of offices from Merlin in Spain in 2022 (€-201 million).

²Of this amount €0.16 per share was paid in October as an interim dividend against 2023 earnings. The additional payment of €0.39 per share is subject to the approval of the governing bodies.

³Pending approval from the governing bodies and subject to mandatory regulatory approval.

BBVA Earnings 1Q24

BBVA earned €3.88 billion in the first half of the year, up 31.1 percent yoy (+45.2 percent at constant exchange rates). The growth of earnings per share was even higher (41.1 percent) thanks to share buyback programs already carried out. In 2Q23, net attributable profit surpassed the €2-billion mark due to the positive performance of core revenues, amid greater activity. All of that while maintaining a solid capital position, with a fully-loaded CET1 ratio of 12.99 percent at the end of June, which will allow BBVA to proceed with a new extraordinary share buyback program of  €1 billion, once the corresponding supervisory authorizations have been received¹.

BBVA posted a net attributable profit of €1.85 billion in the first quarter of 2023 (+39.4 percent at current exchange rates, +40.5 percent in constant euros). These results were fueled by strong core revenue performance (net interest income and net fees and commissions) especially in Mexico and Spain, and higher activity. The loan portfolio grew 9.8 percent in constant euros vs. March last year, amplifying the impact of BBVA on society through financing of future projects for families and companies. In 1Q23, BBVA added 2.6 million new customers and channeled €14 billion in sustainable business. All of that while maintaining stable risk indicators in line with expectations, and a comfortable liquidity and CET1 capital position, which stood at 13.13 percent at the end of March.

In 2022, BBVA had major advances in its strategy: It added more than 11 million new customers and continued to increase its digital sales, which already account for nearly 80 percent of the total. Furthermore, the bank channeled €50 billion in sustainable business. These achievements led to a net attributable profit of €6.42 billion in 2022, up 38 percent compared to the previous year (+39 percent at constant exchange rates), its highest to date. This figure is the result of solid income growth, bolstered by a double-digit increase in lending (+13.3 percent in constant euros). Operating income also posted a record (€14.13 billion). With these results, the bank will distribute more than €3 billion through a significantly higher dividend, which will reach €0.43 per share, and a new €422 million share buyback program¹.

BBVA posted a net attributable profit of €4.84 billion between January and September 2022, (+46.2 percent at current exchange rates, +47 percent in constant euros). This figure is the result of increased activity, with double-digit growth in lending (+15 percent¹ in constant euros), and positive performance in recurring revenues (+28.8 percent in constant euros). In 3Q22, the attributable profit stood at €1.84 billion (+31.4 percent at current exchange rates, +34.1 in constant euros).

The BBVA Group posted a net attributable profit of €3 billion in the first half of 2022 (+59.3 percent yoy in constant euros, +57.1 percent at current exchange rates), on the back of strong revenues, driven by greater activity (+12.6 percent), lower provisions and appropriate cost management in an environment of high inflation. Excluding the non-recurring impact from the acquisition of offices in Spain from Merlin, recurrent profit totaled €3.2 billion (+40.8 percent in constant euros, +37.6 percent at current exchange rates). BBVA also set a new quarterly record in terms of customer acquisition and sustainable financing.

BBVA posted a net attributable profit of €1.65 billion in the first quarter of 2022 (+36.4 percent yoy at current exchange rates, +41 percent in constant euros), on the back of revenue growth, bolstered by solid activity (+10.6 percent), and improved risk indicators. Between January and March 2022, the Group reported its highest operating income and the highest recurring profit ever. Furthermore, it saw extraordinary progress in the execution of its strategy, with a record quarter in customer acquisition and sustainable financing. The efficiency ratio improved significantly, reaching 40.7 percent, and in terms of profitability, ROTE and ROE improved to 15.9 percent and 15.1 percent, respectively. BBVA maintains a solid capital position, with a fully-loaded CET1 ratio of 12.70 percent.

BBVA Group posted a recurring profit of €5.07 billion in 2021, the highest of the past ten years, thanks to the positive evolution of revenues and lower loan-loss provisions. Including non-recurring impacts¹, the net attributable profit rose to €4.65 billion, 3.6 times higher than the €1.31 billion registered in 2020. Last year the bank made extraordinary progress in its strategy. In terms of growth it acquired a record of almost nine million new customers. Additionally, the bank continued to create value for its shareholders: the net tangible book value per share plus dividends increased 10.1 percent in the year. BBVA will pay a total dividend per share of €0.31 for 2021, the highest in cash of the past decade.

BBVA Group posted a net attributable profit of €3.31 billion between January and September 2021, compared to a €15 million loss a year earlier. The recurring profit¹ stood at €3.73 billion, up 85 percent from last year. In 3Q21 alone, the attributable profit was €1.4 billion, one of the highest in record. These earnings were possible thanks to the solid performance of the net interest income and fees and commissions, and a better-than-expected evolution of impairments. The Group maintained its solid capital generation capacity (+31 basis points since June), with a fully-loaded CET1 ratio of 14.48 percent at the end of September. This capital strength allows BBVA to carry out a share buyback of up to 10 percent of its share capital, for a maximum amount of €3.5 billion.

The BBVA Group’s attributable profit reached €2.33 billion between January and June 2021, excluding non-recurring impacts from the results generated by the sale of BBVA USA and the net costs of the restructuring plan in Spain. This figure is 146 percent higher than the one from 1H20 (+183 percent at constant exchange rates). Including these non-recurring impacts, the attributable profit stood at €1.91 billion, a figure that compares very favorably with the €1.16 billion loss recorded in the same period of the previous year amidst the pandemic breakout. These earnings were made possible thanks to revenue strength, particularly those linked to the bank’s core activity (net interest income and fees and commissions), as well as lower impairments vs. 1H20. Following the sale of the U.S. subsidiary, BBVA maintains a solid capital position, with a fully loaded CET1 ratio of 14.17 percent. The Group has also set the date for its Investor Day, on November 18, 2021, an online meeting where it will share its strategy and goals with the investment community.

BBVA Group executive chairman Carlos Torres Vila said that during the COVID-19 crisis, the bank has been committed to “supporting our customers, offering individuals flexibility in their payments, and providing companies the liquidity they need to face this crisis.”  In the first quarter of 2020,  prior to the introduction of  public guarantee initiatives, the Group increased loans to businesses by €10 billion.