Q1 2025 Banco Bilbao Vizcaya Argentaria SA Earnings Call Transcript
Key Points
- Banco Bilbao Vizcaya Argentaria SA (BBVA) reported a strong increase in tangible book value per share plus dividends, up 14.1% year over year.
- The bank achieved an outstanding return on tangible equity of 20.2% and return on equity of 19.3%, positioning it as one of the most profitable European banks.
- Net attributable profit for the quarter reached EUR 2,698 million, a 23% increase compared to the same quarter last year.
- Net interest income grew by 8.5% year-over-year, driven by strong business activity and a 15.1% growth in activity.
- BBVA attracted a record 2.9 million new customers in the quarter, with 66% joining through digital channels.
- The bank experienced a significant impact from currency depreciations, affecting financial metrics.
- There is uncertainty regarding the macroeconomic environment, particularly due to global trade tensions and tariff discussions.
- In Turkey, the bank expects net profit to be somewhat lower than EUR 1 billion due to higher-than-anticipated inflation and interest rates.
- The cost of risk in Turkey was slightly above the full-year guidance, reflecting higher provisioning needs in the retail segment.
- Despite strong performance, BBVA remains cautious about upgrading guidance for loan growth in Mexico due to economic uncertainties.
Good morning, and welcome, everyone, to BBVA's first quarter results presentation. Following yesterday's massive power shortage in Spain, the situation in Madrid is now almost fully restored. So we expect to be able to conduct today's earnings call normally.
As usual, I'm joined today by our CEO, Onur Genc; and Luisa Gomez Bravo, the Group CFO. After the review of the quarterly figures, we will open the line to receive your questions. Let me remind you that in addition to asking questions live to the conference call operator, you also have the option to submit your questions in writing via the Ask a Question section located just below the video you are watching.
This option is available in case you experience any issues with the phone line. Any questions submitted through this channel will be read during the Q&A session and answer accordingly. We apologize for any inconvenience caused by this situation. And sincerely, thank you very much for your understanding and
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