BBVA obtained a profit of 2.989 billion euros in the first quarter of the year, 11% more, after having managed to raise its profitability to 21.7% in terms of ROTE, which places it among the banks with the highest performance in one of the variables to which the sector pays the most attention.
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With the publication of its results, the bank takes the opportunity to announce that at the beginning of the week it will start a new tranche of its extraordinary share buyback program for 1.460 million, which will raise to 4.000 million the operations of this type since December of last year.
These buybacks are presented as an additional way to dividends to improve shareholder remuneration and also serve to strengthen the group’s own stock price.
From the quarter, BBVA also highlights its solvency levels, 12.83% in CET1 terms at the end of March, as well as the dynamism of the economy, which has allowed it to increase credit granting.
The delinquency rate in Spain falls to historic lows for BBVA
In Spain it achieved a profit of 1.095 billion euros, 8.1% more, after increasing credit investment by 6.3%. The delinquency rate stood at historically low levels, 2.9%.
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Mexico remains the main market, with a profit of 1.453 billion euros, 4.5% more, while in Turkey earnings rose to 263 million, 66% more.
“The results of this quarter demonstrate that we are advancing in the execution of our strategic plan” in a “complex geopolitical context, which highlights the strength of our business model and our diversification,” says the bank’s CEO, Onur Genç.
Banking income grows by 20% and commissions by 15%
The bank’s net interest income reached 7.537 billion euros, 20% more, while commission income increased by 15.5%, to 2.256 billion euros. Overall, the gross margin was 10.652 billion euros, 18.3% more.
BBVA also highlights its “decisive” commitment to AI, which it implements through eight major initiatives. Its goal is to develop “a truly AI-driven model, renewing its operating system through the industrialization of the creation, governance, and deployment of agents” of this technology at scale.
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