Banco Bilbao Vizcaya Argentaria (BBVA) Q3 2025 earnings summary

Executive summary

• Net attributable profit for the first nine months of 2025 reached €7,978 million, up 19.8% year-over-year at constant exchange rates, driven by strong recurring revenues from net interest income and fees.

• Tangible book value per share plus dividends rose 17% year-over-year, reflecting strong value creation.

• Record customer acquisition: 8.7 million new customers in nine months, 66% via digital channels.

• Sustainable business channeling reached €97 billion in nine months, up 48% year-over-year, with a €700 billion target for 2025-2029.

• Efficiency ratio improved to 38.2%, with operating expenses up 11% and gross income up 16.2% year-over-year.

Financial highlights

• Net interest income grew 18.3% year-over-year in 3Q25 and 12.6% in 9M25, with net fees and commissions up 16.6% in 9M25.

• Gross income rose 16.2% year-over-year in 9M25, while operating income increased 19.7%.

• Cost of risk stood at 1.35% in 9M25, with NPL ratio at 2.8% and coverage at 84%.

• CET1 fully loaded ratio at 13.42%, above the 11.5%-12.0% target range, with 40-50 bps regulatory uplift expected.

• Shareholder remuneration included a €0.32 interim dividend for 2025 and a €993 million share buyback, with further buybacks pending approval.

Outlook and guidance

• Loan growth guidance for 2025 remains above mid-single digits for the Group and around 10% for Mexico.

• Interest rates in Spain and Mexico expected to stabilize at terminal levels, supporting spread stability.

• Strategic plan targets ROTE of ~22% (2025-2028 average), cumulative net attributable profit of ~€48bn (2025-2028), and sustainable business channeling of €700bn by 2029.

• Additional positive regulatory impacts of +40-50bps on CET1 expected in 4Q25.

• Cost of risk in Mexico expected to remain below 340 bps for the full year.