Q3 2025 Banco Bilbao Vizcaya Argentaria SA Earnings Call Transcript
Key Points
- Banco Bilbao Vizcaya Argentaria SA (BBVA) reported a strong evolution of tangible book value per share plus dividends, increasing by 17% year-over-year and 4.5% in the quarter.
- The bank maintained high profitability ratios with a return on tangible equity of 19.7% and ROE of 18.8% for the first nine months of 2025.
- Net attributable profit exceeded EUR 2.5 billion, despite a lower rate environment, and cumulative profits for the first nine months reached almost EUR 8 billion, a 4.7% increase year-over-year.
- BBVA's CET1 capital ratio improved by 8 basis points during the quarter, reaching 13.42%, providing capacity for increased shareholder remuneration.
- The bank achieved a record 8.7 million new customer acquisitions in the first nine months of 2025, with 66% through digital channels, highlighting its competitive advantage in digital banking.
- Net attributable profit decreased compared to the previous quarter due to higher inflation in Turkey and one-off positive impacts in the second quarter.
- The Mexican peso appreciation negatively affected the FX hedges of the net trading income line, impacting the corporate center's results.
- The cost of risk in Turkey increased to 176 basis points, with provisioning needs remaining high in retail, although stabilization in NPL inflows is observed.
- In Argentina, there was a sharp compression in spreads amid a volatile rate and currency environment, leading to some deterioration in asset quality.
- The bank's customer spread in Spain fell below 2.9%, with loan yields declining due to mix and repricing, and deposit costs falling slowly.
Good morning, and thank you for joining us for BBVA's third quarter results presentation. As are quarter, I'm pleased to be joined by our CEO, Onur Genc and our Group CFO, Luisa Gomez Bravo.
We will start with a review of the key figures for the quarter, and then we will open the floor for your questions. So without further delay, let me hand it over to Onur.
Thank you, Patricia. Good morning to everyone. Welcome, and thank you for joining BBVA's Third Quarter 2025 Earnings Webcast. As always, let's jump into the slides, starting with slide number 3.
And as always, starting with the value creation numbers on the left-hand side of the page, you can see the strong evolution of tangible book value per share plus dividends, which increased by 17% year-over-year and 4.5% in the quarter, in my view, excellent figures.
On the right-hand side, you see the
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