Q4 2025 Banco Bilbao Vizcaya Argentaria SA Earnings Call Transcript
Key Points
- Banco Bilbao Vizcaya Argentaria SA (BBVA) achieved a record net attributable profit of €10.5 billion in 2025, a 4.5% increase from the previous year.
- The bank's loan portfolio grew by an exceptional 16.2% at constant euros, demonstrating strong growth in lending activities.
- BBVA maintained a high return on tangible equity at 19.3%, positioning itself as a leader in profitability among European banks.
- The bank announced a total cash dividend of $0.92 per share, the highest cash dividend ever by BBVA, reflecting strong shareholder returns.
- BBVA's customer acquisition reached a new record with 11.5 million gross new customers in 2025, indicating successful expansion efforts.
- Falling interest rates in core markets like Spain and Mexico negatively impacted customer spreads, affecting profitability.
- The bank's tangible book value per share was negatively impacted by share buybacks, which were executed at a higher value than the book value.
- In Turkey, a tax code change at the end of the year negatively impacted earnings, highlighting regulatory risks.
- The cost of risk in Turkey remained elevated at 194 basis points due to ongoing economic challenges.
- BBVA's guidance for 2026 indicates a potential compression of spreads in Mexico due to expected rate cuts, which could impact net interest income growth.
Good morning and thank you for joining us for BBVA's 4th quarter results presentation. As every quarter, I am pleased to be joined by our CEO Honor Gentz and the group CFO Luisa Gomez Pravo.
We will begin with honor reviewing the group's performance and key strategic developments during the year, followed by Luisa, who will walk you through the business unit's results. After the remarks, we will open the call to take your questions. With that, I now turn the call over to Hono.
Thank you.
Thank you, Patricia. Good morning to everyone. Welcome and thank you for joining VVA's 2025 full year results audio webcast.
I will start with page page 3 right away. So I'm happy to say that in 2025, we achieved outstanding results across critical dimensions. Value creation as you see on the page, growth, profitability, strategic execution, and,
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