Banco Bilbao Vizcaya Argentaria (BBVA) Q3 2024 earnings summary

Executive summary

• Net attributable profit for Q3 2024 reached €2,627 million, up 26% year-over-year, with EPS at €0.44, a 32%–33% year-over-year increase.

• Net attributable profit for the first nine months of 2024 was €7,622 million, up 27.9% year-over-year, driven by strong recurring revenues and lending growth.

• Tangible book value per share plus dividends rose 16% year-over-year, with TBV per share at €9.47.

• CET1 fully loaded capital ratio improved to 12.84%, up nine basis points in the quarter, well above regulatory requirements.

• 8.5 million new customers acquired in the first nine months, 67% through digital channels, growing the active customer base to nearly 77 million.

Financial highlights

• Net interest income for Q3 2024 was €5,868 million, up 4% year-over-year; for nine months, NII reached €18,861 million, up 5.7% year-over-year.

• Gross income for Q3 2024 was €8,716 million, up 10% year-over-year; for nine months, €26,161 million, up 18.4% year-over-year.

• Net fees and commissions rose 13% year-over-year in Q3 2024 and 28% year-over-year for the group, driven by payments and asset management.

• Efficiency ratio improved to 38.9%, 429 basis points better than last year, maintaining industry leadership.

• Total loan growth was 11% year-over-year (constant €), with strong activity in Spain and Mexico.

Outlook and guidance

• Guidance for Spain and Mexico maintained with a positive bias; both expected to outperform market in loan growth and profitability.

• 2025 return on tangible equity expected to be at similar record levels as 2024, with strong business dynamics and resilience to FX and rate changes.

• NII guidance for Spain (low teens growth) and Mexico (high single-digit growth) reaffirmed for the full year.

• Management remains optimistic, expecting continued healthy loan growth, stable cost of risk, and further progress on efficiency and sustainability.

• Interest rates in the US and Eurozone are forecast to decline gradually, supporting economic recovery.