Banco Bilbao Vizcaya Argentaria (BBVA) Q2 2026 earnings summary

Executive summary

• Achieved record net attributable profit of €3.062 billion in Q2 2026 (up 11.4% year-over-year) and €6.051 billion for H1 2026 (up 11.1% year-over-year), driven by strong recurring revenues and robust lending activity across all business areas.

• Core revenues (NII + fees) grew 17.4% year-over-year, supported by robust loan growth and positive fee trends.

• Maintained best-in-class efficiency ratio at 37.8% and solid capital position with CET1 ratio at 12.90%.

• Advanced AI transformation strategy, with over 100,000 employees using AI tools and a new governance framework.

• Continued market share gains in Spain and Mexico, with strong loan growth in both regions.

Financial highlights

• Net interest income rose 20.3% year-over-year, with positive contributions from all regions, notably Turkey, Mexico, and South America.

• Net fees and commissions increased 16.2% year-over-year in Q2 2026 and 15.8% for H1 2026.

• Gross income increased by 17.3% to €21,159 million, while operating income rose 17.0% to €13,159 million year-over-year.

• EPS increased 15.2% year-over-year to €0.53 in Q2 2026; adjusted EPS was €1.06, up 15.8% year-over-year.

• Tangible book value per share plus dividends rose 17.3% year-over-year and 5.4% in the quarter, or 21.8% year-over-year excluding share buybacks.

Outlook and guidance

• Upgraded 2026 group ROTE guidance to around 21%; on track for 2025–2028 targets, including cumulative net attributable profit of approximately €48 billion by 2028.

• Mexico: Loan growth expected around 10%, NII growth at high single digits, cost of risk below 335 bps.

• Turkey: Full-year cost of risk guidance updated to around 220 bps.

• South America: Upgraded full-year guidance for gross revenues to grow at high teens.

• Strategic priorities include AI transformation, scaling enterprise segments, and sustainability, with a €700 billion sustainable business channeling target for 2025–2029.