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Results 01 Feb 2018

Francisco González: “2017 was a year with record high income”

BBVA Group Executive Chairman Francisco González today hailed 2017 as “a great year for BBVA” and declared “2018 would be even better.”

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Corporate information

Results: BBVA comparable profit rises 20 percent in 2017 to €4.64 billion

  • Transformation: More than half of BBVA customers in Turkey, Spain, USA, Argentina, Chile and Venezuela are already digital. As a whole, the digital customer base grew 25 percent in the year (to 22.6 million), while mobile customers grew 44 percent (to 17.7 million)
  • Record revenues: Income reached record highs in 2017. Recurring revenue grew 4.1 percent y-o-y, (+10.3percent excluding currency impact), and expenses dropped 2.3 percent in the year (+2.2 percent at constant exchange rates), boosting operating income to €12.77 billion
  • Risks: The NPL ratio continued to improve, reaching 4.4 percent (vs. 4.9 percent in December 2016), its lowest level since June 2012. Coverage at year-end stood at 65 percent
  • Capital: The fully-loaded CET1 ratio stood at 11.1 percent at the end of December, above BBVA’s target
  • Dividend: A cash payment in the gross amount of €0.15 per share, to be paid in April as final dividend for 2017, is expected to be proposed for the consideration of the competent governing bodies

Francisco González made the statements as the bank unveiled is Annual Earnings Report 2017, while also noting that thanks to the transformation that bank is undergoing “Our income grew 8%” reaching “a record high of over €25 billion and a comparable profit of €4.64 billion.”

The Chairman also detailed how the digital customer base had grown by 25% to 22.6 million, while the number of customers that bank via mobile devices had increased to almost 18 million, 44% more than a year earlier. He added:“Every time a customer goes digital, their satisfaction improves and their relationship with the bank multiplies.”

Francisco González also highlighted how “in December, one in every three sales was made through digital channels. Two years ago it was one in every ten. This exponential growth will continue throughout 2018 and, by year end, we expect more than half of the customers of the BBVA Group as a whole to do their banking digitally.”