Q1 2026 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, growing 5% in the quarter and 14.7% year-on-year.
- The company achieved an industry-leading return on tangible equity of 21.7% and return on equity of 20.7%.
- Net attributable profit reached almost EUR3 billion, representing a 10.8% increase year-on-year and 18% growth versus the previous quarter.
- Net interest income grew by 20.2% year-over-year, driven by strong business activity and loan growth of 17%.
- The efficiency ratio improved to 38%, with operating expenses increasing by 17.5%, reflecting continued investment in organic growth.
- Share buyback programs, while creating value for shareholders, negatively impacted tangible book value per share.
- The cost of risk stood at 154 basis points, with a post-model adjustment of around EUR100 million affecting impairment figures, primarily in Spain and Turkey.
- Operating expenses increased by 17.5%, impacted by a one-off restructuring charge of approximately EUR125 million.
- In Turkey, the cost of risk was higher than the full-year guidance, reflecting elevated provisioning needs in retail portfolios.
- The macroeconomic uncertainty, particularly in Turkey, led to a downward bias in the company's guidance for 2026.
Good morning and thank you all for joining BBVA's first quarter earnings call. As in previous quarters, I'm joined today by our CEO, Onur Genc; and the Group CFO, Luisa Gomez Bravo. First, they will walk you through quarterly figures, after which we will open the line for the live Q&A session.
With that, I hand it over to Onur.
Thank you, Patricia. Good morning to everyone. Welcome, and thank you for joining BBVA's First Quarter 2026 Earnings Webcast. Starting with slide number 3, and as always, beginning with value creation. On the left-hand side of the page, you can see the strong evolution of tangible book value per share plus dividends growing 5% in the quarter and 14.7% year-on-year, driven by our excellent results, as we will see in the following slides.
It's also worth highlighting here that excluding the impact of the share
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