BBVA · Banco Bilbao Vizcaya Argentaria, S.A.

BBVA delivered a strong first quarter in 2026, demonstrating effective execution of its strategic plan amidst a complex geopolitical context. The bank reported a net attributable profit of €2.99 billion, an increase of 10.8% year-over-year, or 14.1% at constant exchange rates. This performance was primarily driven by robust momentum in the banking business, with customer loans growing 17% at constant exchange rates. Net interest income surged 20.2% to €7.54 billion, fueled by higher growth in profitable segments and strong contributions from Türkiye, South America, and Mexico. Net fees and commissions also showed solid growth, rising 15.5% to €2.26 billion, led by payment methods, asset management, and CIB activities. The efficiency ratio improved 24 basis points to 38%, as gross income growth outpaced operating expense growth, resulting in positive jaws. Asset quality metrics remained sound, with the non-performing loan ratio improving to 2.6% and the coverage ratio increasing to 86%, although the cost of risk rose to 1.54%. Capital generation remained strong, with the CET1 ratio reaching 12.83%, well above the target range of 11.5%-12%. Consequently, BBVA announced the final tranche of its extraordinary share buyback program, totaling up to €1.46 billion, reinforcing its commitment to return excess capital to shareholders. CEO Onur Genç highlighted the progress in the 2025-2028 Strategic Plan and the bank's pioneering efforts in artificial intelligence integration as key differentiators for future growth.