Live News • Jun 02
BBVA Eyes Potential Windfall as Atom Bank Sale Attracts Yorkshire and Leeds Bidders Atom Bank, a UK digital lender partly owned by BBVA, has hired Jefferies to oversee a sale process, according to reports.
Yorkshire Building Society and Leeds Building Society are among the potential bidders examining a purchase of Atom Bank.
The owners of Atom Bank are reportedly seeking a valuation of more than £600m for the lender, which serves about 250,000 customers.
A sale of Atom Bank would be a key event for BBVA’s exposure to UK digital banking, potentially turning a privately held investment into cash or into a stake held by a new partner.
Investors will want to watch for any disclosure from BBVA on how a transaction, if it happens, is structured and what it might mean for capital, future digital ambitions and any gains or losses recognized on the stake. Reported Earnings • May 02
First quarter 2026 earnings: EPS and revenues exceed analyst expectations First quarter 2026 results: EPS: €0.51 (up from €0.45 in 1Q 2025). Revenue: €8.84b (up 8.9% from 1Q 2025). Net income: €2.99b (up 15% from 1Q 2025). Profit margin: 34% (up from 32% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 6.5%. Earnings per share (EPS) also surpassed analyst estimates by 6.7%. Revenue is forecast to grow 9.6% p.a. on average during the next 3 years, compared to a 9.9% growth forecast for the Banks industry in Spain. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 44% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Apr 01
Upcoming dividend of €0.49 per share Eligible shareholders must have bought the stock before 08 April 2026. Payment date: 10 April 2026. Payout ratio is a comfortable 52% and this is well supported by cash flows. Trailing yield: 4.9%. Lower than top quartile of Spanish dividend payers (5.2%). Higher than average of industry peers (4.2%). Announcement • Mar 21
Banco Bilbao Vizcaya Argentaria, S.A. Appoints Jorge Montalbo Todolí, as Independent Director to the Board of Directors Banco Bilbao Vizcaya Argentaria, S.A. at the AGM held on March 20, 2026 has approved the appointment of Jorge Montalbo Todolí, as member of the Board of Directors, with the status of independent director, for the statutory three-year period, following the proposal of the Appointments and Corporate Governance Committee. Jorge Montalbo Todolí is of Spanish nationality and domiciled for these purposes at Calle Azul, 4, Madrid. New Risk • Mar 03
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Spanish stocks, typically moving 4.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (4.4% average weekly change). Declared Dividend • Feb 18
Final dividend of €0.49 announced Shareholders will receive a dividend of €0.49. Ex-date: 8th April 2026 Payment date: 10th April 2026 Dividend yield will be 3.7%, which is lower than the industry average of 5.2%. Sustainability & Growth Dividend is covered by earnings (52% payout ratio) and is expected to be covered in 3 years' time (50% forecast payout ratio). The dividend has increased by an average of 28% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 29% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 10
Banco Bilbao Vizcaya Argentaria, S.A., Annual General Meeting, Mar 19, 2026 Banco Bilbao Vizcaya Argentaria, S.A., Annual General Meeting, Mar 19, 2026. Location: at palacio euskalduna, avenida abandoibarra number 4, bilbao Spain Reported Earnings • Feb 07
Full year 2025 earnings: Revenues and EPS in line with analyst expectations Full year 2025 results: EPS: €1.76 (up from €1.68 in FY 2024). Revenue: €31.2b (down 1.1% from FY 2024). Net income: €10.1b (up 4.6% from FY 2024). Profit margin: 32% (up from 31% in FY 2024). The increase in margin was driven by lower expenses. Non-performing loans: 2.83% (down from 3.12% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 9.4% p.a. on average during the next 3 years, compared to a 7.8% growth forecast for the Banks industry in Spain. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has increased by 44% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 06
Banco Bilbao Vizcaya Argentaria, S.A. Announces Final Dividend for Financial Year 2025, Payable in April 2026 Banco Bilbao Vizcaya Argentaria, S.A. announced cash distribution of 0.60 euros gross per share to be paid in April 2026, as final dividend for the financial year 2025. Reported Earnings • Oct 31
Third quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2025 results: EPS: €0.42 (down from €0.44 in 3Q 2024). Revenue: €7.54b (flat on 3Q 2024). Net income: €2.53b (down 3.7% from 3Q 2024). Profit margin: 34% (down from 35% in 3Q 2024). Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) missed analyst estimates by 2.7%. Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Banks industry in Spain. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has increased by 49% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Oct 29
Upcoming dividend of €0.26 per share Eligible shareholders must have bought the stock before 05 November 2025. Payment date: 07 November 2025. Payout ratio is a comfortable 23% but the company is paying out more than the cash it is generating. Trailing yield: 4.0%. Lower than top quartile of Spanish dividend payers (5.3%). In line with average of industry peers (4.1%). Announcement • Oct 24
Banco Bilbao Vizcaya Argentaria, S.A. to Report Q3, 2025 Results on Oct 30, 2025 Banco Bilbao Vizcaya Argentaria, S.A. announced that they will report Q3, 2025 results at 9:30 AM, Central European Standard Time on Oct 30, 2025 Announcement • Sep 30
BBVA Resolves Payment of Cash Interim Dividend for 2025, Payable on 7 November 2025 The Board of Directors of BBVA has resolved the payment of a cash interim dividend of EUR 0.32 (gross) per share on account of the 2025 dividend, to be paid on 7 November 2025. Ex-dividend date of 5 November 2025 with Record date of 6 November 2025, according to the regulations applicable to the depositary entities and using the means that IBERCLEAR makes available to them. New Risk • Sep 21
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Spanish stocks, typically moving 4.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (4.0% average weekly change). Price Target Changed • Aug 07
Price target increased by 9.0% to €15.30 Up from €14.04, the current price target is an average from 16 analysts. New target price is approximately in line with last closing price of €15.50. Stock is up 76% over the past year. The company is forecast to post earnings per share of €1.77 for next year compared to €1.68 last year. Reported Earnings • Aug 01
Second quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2025 results: EPS: €0.46 (down from €0.47 in 2Q 2024). Revenue: €7.33b (down 11% from 2Q 2024). Net income: €2.75b (down 1.6% from 2Q 2024). Profit margin: 38% (up from 34% in 2Q 2024). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) exceeded analyst estimates by 12%. Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Banks industry in Spain. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has increased by 46% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 01
BBVA's Decision on the Takeover Bid for Sabadell In relation to the voluntary tender offer launched by Banco Bilbao Vizcaya Argentaria, S.A. (BME:BBVA) for the entire share capital of Banco de Sabadell, S.A. (BME:SAB) (the "Offer"), for which the prior announcement was published as inside information on May 9, 2024 (with registration number 2241) and the request for authorisation was submitted to the Spanish Securities Market Commission (CNMV) on May 24, 2024, BBVA hereby informed that: On June 24, 2025, the Council of Ministers reported the resolution adopted on the same day authorizing the economic concentration resulting from the Offer, subject to an additional condition to those commitments already submitted by BBVA and included in the resolution of the National Commission on Markets and Competition dated April 30, 2025. The aforementioned resolution of the Council of Ministers brought to an end the merger control procedure in Spain, with BBVA having the right to withdraw the Offer pursuant to Article 26.1(c) of Royal Decree 1066/2007, of 27 July, on tender offer rules, given that the authorization granted is subject to a condition. After reviewing said resolution, BBVA has decided not to withdraw the Offer and, therefore, it remains in effect in accordance with the applicable regulations. Announcement • Jun 25
Spain Sets Condition on Bank's Hostile Bid for Sabadell Spain's Left-wing government has said Banco Bilbao Vizcaya Argentaria, S.A. (BME:BBVA), cannot merge its operations with its rival Sabadell for three years, complicating a hostile takeover bid that could create a new banking colossus. Catalonia-based Banco de Sabadell, S.A. (BME:SAB), which owns TSB in the UK, rejected a EUR 11 billion (£9.4 billion) bid from BBVA, last May. It is also considering the sale of TSB. Although Spain cannot block BBVA's bid, the Socialist-led government had previously expressed competition concerns over the deal. Carlos Cuerpo, the economy minister, said the cabinet on 24 June 2025 approved the takeover but both banks would have to remain autonomous in terms of fnancing and credit, human resources and their network of branches and services. Announcement • Jun 20
BBVA Appoints Tom O'Sullivan as Executive Director BBVA has appointed Tom O'Sullivan as executive director and will be posted within the firm's global balance sheet solutions team. He will be based in New York in the role. O'Sullivan joins from BayCrest Partners where he led secured funding brokerage for more than 2 years. Reported Earnings • Apr 30
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: €0.45 (up from €0.36 in 1Q 2024). Revenue: €7.96b (up 3.9% from 1Q 2024). Net income: €2.70b (up 23% from 1Q 2024). Profit margin: 34% (up from 29% in 1Q 2024). The increase in margin was primarily driven by higher revenue. Revenue exceeded analyst estimates by 4.0%. Earnings per share (EPS) also surpassed analyst estimates by 8.7%. Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Banks industry in Spain. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has increased by 36% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €10.82, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 7x in the Banks industry in Spain. Total returns to shareholders of 156% over the past three years. Announcement • Apr 07
Banco Bilbao Vizcaya Argentaria, S.A. (BME:BBVA) announces an Equity Buyback for €993 million worth of its shares. Banco Bilbao Vizcaya Argentaria, S.A. (BME:BBVA) announces a share repurchase program. Under the program, the company will repurchase up to €993 million worth of its shares. The buyback is subject to regulatory approval from governing bodies. New Risk • Apr 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Spanish stocks, typically moving 5.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (5.1% average weekly change). Upcoming Dividend • Apr 01
Upcoming dividend of €0.33 per share Eligible shareholders must have bought the stock before 08 April 2025. Payment date: 10 April 2025. Payout ratio is a comfortable 42% but the company is not cash flow positive. Trailing yield: 5.5%. Within top quartile of Spanish dividend payers (5.5%). In line with average of industry peers (5.6%). Declared Dividend • Feb 19
Final dividend of €0.33 announced Shareholders will receive a dividend of €0.33. Ex-date: 8th April 2025 Payment date: 10th April 2025 Dividend yield will be 4.7%, which is lower than the industry average of 5.2%. Sustainability & Growth Dividend is well covered by earnings (42% payout ratio) and is expected to be well covered in 3 years' time (50% forecast payout ratio). The dividend has increased by an average of 21% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 2.2% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 13
Banco Bilbao Vizcaya Argentaria, S.A., Annual General Meeting, Mar 20, 2025 Banco Bilbao Vizcaya Argentaria, S.A., Annual General Meeting, Mar 20, 2025. Location: palacio euskalduna, avenida abandoibarra 4, bilbao Spain Reported Earnings • Feb 01
Full year 2024 earnings: EPS in line with analyst expectations despite revenue beat Full year 2024 results: EPS: €1.68 (up from €1.29 in FY 2023). Revenue: €31.2b (up 15% from FY 2023). Net income: €9.67b (up 26% from FY 2023). Profit margin: 31% (up from 28% in FY 2023). The increase in margin was driven by higher revenue. Cost-to-income ratio: 40.0% (down from 41.7% in FY 2023). Non-performing loans: 3.12% (down from 3.49% in FY 2023). Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Banks industry in Spain. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. New Risk • Jan 31
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.5% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 1.5% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • Jan 31
Banco Bilbao Vizcaya Argentaria, S.A. Proposes Final Dividend for Financial Year 2024 The Board of Directors of Banco Bilbao Vizcaya Argentaria, S.A. has agreed the following ordinary shareholder remuneration for 2024: A cash distribution of EUR 0.41 gross per share in April 2025, the proposal for which will be submitted to the next Annual General Meeting, as final dividend for financial year 2024. Reported Earnings • Nov 01
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations Third quarter 2024 results: EPS: €0.44 (up from €0.34 in 3Q 2023). Revenue: €7.28b (down 5.1% from 3Q 2023). Net income: €2.63b (up 26% from 3Q 2023). Profit margin: 36% (up from 27% in 3Q 2023). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) also surpassed analyst estimates by 9.9%. Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Banks industry in Spain. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Announcement • Sep 26
Banco Bilbao Vizcaya Argentaria, S.A. Resolves Payment of Cash Interim Dividend, Payable on 10 October 2024 The Board of Directors of Banco Bilbao Vizcaya Argentaria, S.A. has resolved the payment of a cash interim dividend of EUR 0.29 (gross) per share on account of the 2024 dividend, to be paid on 10 October 2024. The main characteristics of the payment agreed are detailed below: Net dividend per share: EUR 0.2349 (withholding tax rate of 19%). Last trading date: 7 October 2024. Ex-dividend date: 8 October 2024 with Record date: 9 October 2024. New Risk • Aug 02
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 1.3% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (4.2% average weekly change). Reported Earnings • Aug 02
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: €0.47 (up from €0.33 in 2Q 2023). Revenue: €8.20b (up 25% from 2Q 2023). Net income: €2.79b (up 38% from 2Q 2023). Profit margin: 34% (up from 31% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.1%. Earnings per share (EPS) also surpassed analyst estimates by 7.1%. Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Banks industry in Spain. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Announcement • May 02
Banco Bilbao Vizcaya Argentaria, S.A. (BME : BBVA) made an offer to acquire Banco de Sabadell, S.A. (BME : SAB) for €11.4 billion. Banco Bilbao Vizcaya Argentaria, S.A. (BME : BBVA) made an offer to acquire Banco de Sabadell, S.A. (BME : SAB) for €11.4 billion on May 1, 2024. In relation to the financial terms, the proposed exchange ratio is very attractive for Banco Sabadell shareholders: 1 newly issued BBVA share for every 4.83 Banco Sabadell shares, which represents a 30% premium¹ over the closing prices of April 29th; 42% on the weighted average prices of the last month; or 50% of the weighted average prices of the last three months. After the merger, Banco Sabadell shareholders would have a 16% stake in the resulting entity, thus additionally benefiting from the value generated by the operation. Post completion of the acquisition, the management team of the resulting entity would be made up of executives from both banks, in accordance with the principles of professional competence and merit, while ensuring proportionality based on the relative weight of the businesses. Three members of Banco Sabadell's current Board of Directors, chosen by mutual agreement between both parties, would be proposed to join BBVA's Board of Directors as non-executive directors (at the time the merger is completed). One of these directors would be proposed as one of the vice-chairmen of the Board of Directors. The merged entity would have one of its Group’s operational headquarters in Catalonia, which would be established at Banco Sabadell's corporate centre in Sant Cugat. The corporate name and brand would be BBVA, the use of Banco Sabadell brand would be maintained, together with the BBVA brand, in those regions or businesses where it may have relevant commercial interest.
The merger would be subject to obtaining the relevant authorisations or declarations of non-opposition from the competent supervisors (in particular, the authorisation of the Ministry of Economy, Trade and Enterprise) and from the competition authorities with jurisdiction (in particular, the Comisión Nacional de los Mercados y la Competencia). It is considered that such authorisations and declarations of non-opposition can be obtained satisfactorily and in a timely manner. The terms in this proposal have been approved by BBVA's Board of Directors, and we are in a position to move forward immediately with the transaction.
The proposed merger would also clearly create value for BBVA shareholders. According to BBVA estimates, this transaction is accretive in earnings per share (EPS) from the first year after the merger, achieving an EPS improvement of approximately 3.5% once the savings associated with the merger are materialized. In summary, the proposed merger generates value for all stakeholders: shareholders, employees, customers and society as a whole. Announcement • May 01
Banco Bilbao Vizcaya Argentaria Announces Interest in Negotiations with Banco de Sabadell Banco Bilbao Vizcaya Argentaria, S.A. (BME:BBVA), in compliance with the Securities Market legislation, proceeded to notify the following, in relation to the news that appeared in the press on April 30, 2024, Banco Bilbao Vizcaya Argentaria confirmed that it has conveyed to the Chair of the Board of Directors of Banco de Sabadell, S.A. (BME:SAB) the interest of the Board of Directors of Banco Bilbao Vizcaya Argentaria in initiating negotiations to explore a potential merger transaction between the two entities. Banco Bilbao Vizcaya Argentaria confirmed that advisors have been appointed. Reported Earnings • Apr 30
First quarter 2024 earnings: EPS and revenues exceed analyst expectations First quarter 2024 results: EPS: €0.36 (up from €0.29 in 1Q 2023). Revenue: €6.86b (up 14% from 1Q 2023). Net income: €2.20b (up 24% from 1Q 2023). Profit margin: 32% (up from 30% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.7%. Earnings per share (EPS) also surpassed analyst estimates by 4.9%. Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Banks industry in Spain. Over the last 3 years on average, earnings per share has increased by 35% per year whereas the company’s share price has increased by 30% per year. Announcement • Apr 27
Banco Bilbao Vizcaya Argentaria, S.A. Announces Board Changes Banco Bilbao Vizcaya Argentaria, S.A. BBVA's Board of Directors, in its meeting held on 26 April 2024, has approved changes to the composition of its committees, which will be composed of the following directors: Mr. Enrique Casanueva Nárdiz, Member of Audit Committee and Risk and Compliance Committee; Mr. Jaime Caruana Lacorte, Mrs. Belén Garijo López and Mrs. Cristina de Parias Halcón, Member of Appointments and Corporate Governance Committee; Mrs. Ana Revenga Shanklin, Chair of Remuneration Committee; Technology and Cybersecurity Committee: Chair: Mr. Carlos Torres Vila; Members:Mr. Raúl Galamba de Oliveira, Mrs. Cristina de Parias Halcón, Mrs. Ana Revenga Shanklin, Mr. Jan Verplancke. Details of Committee: Executive Committee: Chair: Mr. Carlos Torres Vila, Members: Mr. Onur Genç, Mr. José Miguel Andrés Torrecillas, Mr. Jaime Caruana Lacorte Mrs. Belén Garijo López; Audit Committee: Chair: Mr. José Miguel Andrés Torrecillas, Members: Mr. Enrique Casanueva Nárdiz, Mrs. Sonia Dulá, Mrs. Connie Hedegaard Koksbang Mrs. Lourdes Máiz Carro, Mrs. Ana Peralta Moreno; Risk and Compliance Committee: Chair: Mr. Raúl Galamba de Oliveira, Members: Mr. Jaime Caruana Lacorte, Mr. Enrique Casanueva Nárdiz, Mrs. Sonia Dulá, Mrs. Ana Revenga Shanklin; Appointments and Corporate Governance Committee: Chair: Mr. José Miguel Andrés Torrecillas, Members: Mr. Jaime Caruana Lacorte, Mr. Raúl Galamba de Oliveira Mrs. Belén Garijo López, Mrs. Cristina de Parias Halcón; Remuneration Committee: Chair: Mrs. Ana Revenga Shanklin, Members: Mrs. Lourdes Máiz Carro, Mrs. Ana Peralta Moreno, Mr. Carlos Salazar Lomelín, Mr. Jan Verplancke; Technology and Cybersecurity Committee: Chair: Mr. Carlos Torres Vila, Members: Mr. Raúl Galamba de Oliveira, Mrs. Cristina de Parias Halcón, Mrs. Ana Revenga Shanklin, Mr. Jan Verplancke. Upcoming Dividend • Apr 01
Upcoming dividend of €0.32 per share Eligible shareholders must have bought the stock before 08 April 2024. Payment date: 10 April 2024. Payout ratio is a comfortable 43% but the company is not cash flow positive. Trailing yield: 5.0%. Lower than top quartile of Spanish dividend payers (6.1%). In line with average of industry peers (5.4%). Announcement • Mar 19
Fosun International Reportedly Open to Sale of Stake in Millennium Fosun International Limited (SEHK:656) is open to selling its remaining stake in Portugal's Millennium bcp (Banco Comercial Português, S.A. (ENXTLS:BCP)) after disposing of some shares earlier this year, two sources familiar with the matter told Reuters. The Chinese conglomerate, which aims to boost its working capital amid what analysts see as debt pressure, has been evaluating options, such as finding a strategic buyer for the 20% holding, one of the sources said, speaking on condition of anonymity. The stake was worth around EUR 836 million ($910 million) on March 18, 2024, according to LSEG data. European lenders including Spain's Banco Bilbao Vizcaya Argentaria, S.A. (BME:BBVA) and CaixaBank, S.A. (BME:CABK) have been sounded out as potential buyers, the second source said. However, CaixaBank has indicated it has little interest in acquiring the stake, that source and a third one familiar with the lender's thinking said. Fosun did not respond to a request for comment. Millennium bcp, BBVA, and Caixabank declined to comment. In January, Fosun sold 5.6% of Portugal's largest listed bank for EUR 235 million in a private offering to institutional investors arranged by UBS. A spokesperson for the Chinese group said at the time that it planned to retain a stake above 20%. Fosun is the largest single shareholder in Millennium bcp, followed by Angolan state oil company Sonangol with 19.49%. Announcement • Mar 01
Banco Bilbao Vizcaya Argentaria, S.A. announced that it expects to receive €1.5 billion in funding Banco Bilbao Vizcaya Argentaria, S.A. announced a private placement of contingent convertible bonds for the gross proceeds of up to €1,500,000,000 on February 28, 2024. The bonds are convertible into ordinary shares of the company. The transaction has been approved by the shareholders of the company. Declared Dividend • Feb 14
Final dividend of €0.32 announced Shareholders will receive a dividend of €0.32. Ex-date: 8th April 2024 Payment date: 10th April 2024 Dividend yield will be 4.8%, which is lower than the industry average of 5.2%. Sustainability & Growth Dividend is well covered by earnings (43% payout ratio) and is expected to be well covered in 3 years' time (46% forecast payout ratio). The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 6.2% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 07
Banco Bilbao Vizcaya Argentaria, S.A., Annual General Meeting, Mar 14, 2024 Banco Bilbao Vizcaya Argentaria, S.A., Annual General Meeting, Mar 14, 2024, at 12:00 Central European Standard Time. Location: Palacio Euskalduna, avenida Abandoibarra number 4 Bilbao Spain Agenda: To consider the annual financial statements, allocation of results and corporate management; to consider the adoption of the following resolutions on the re-election and appointment of members to the Board of Directors; to consider the approval of the reduction of the share capital of the Bank, in up to a maximum amount of 10% of the share capital as of the date of the resolution, through the redemption of own shares purchased for the purpose of being redeemed, delegating to the Board of Directors the implementation of the share capital reduction, totally or partially, on one or more occasions; to consider the approval of a maximum level of variable remuneration of up to 200% of the fixed component of the total remuneration for a certain group of employees whose professional activities have a significant impact on Banco Bilbao Vizcaya Argentaria, S.A.'s or on its Group's risk profile; and to consider other matters. Announcement • Jan 31
Banco Bilbao Vizcaya Argentaria, S.A. Proposes Final Dividend for the Year 2023 Banco Bilbao Vizcaya Argentaria, S.A. announced that the final dividend of €0.39 per share will be submitted to the Annual General Meeting for approval, and is expected to be paid in April. Reported Earnings • Jan 31
Full year 2023 earnings: Revenues in line with analyst expectations Full year 2023 results: Revenue: €25.1b (up 17% from FY 2022). Net income: €8.02b (up 25% from FY 2022). Profit margin: 32% (up from 30% in FY 2022). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Banks industry in Spain. Reported Earnings • Oct 31
Third quarter 2023 earnings: EPS in line with analyst expectations despite revenue beat Third quarter 2023 results: EPS: €0.33 (up from €0.28 in 3Q 2022). Revenue: €6.75b (up 14% from 3Q 2022). Net income: €2.08b (up 13% from 3Q 2022). Profit margin: 31% (in line with 3Q 2022). Revenue exceeded analyst estimates by 8.2%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Banks industry in Spain. Over the last 3 years on average, earnings per share has increased by 41% per year and the company’s share price has also increased by 41% per year. Announcement • Oct 05
Banco Bilbao Vizcaya Argentaria, S.A. (BME:BBVA) announces an Equity Buyback for 564,646,606 shares, for €1,000 million. Banco Bilbao Vizcaya Argentaria, S.A. (BME:BBVA) announces a share repurchase program. Under the program, the company will repurchase up to 564,646,606 shares for €1,000 million. The plan will end when the maximum cash amount is reached or the maximum number of shares is acquired but no later than September 21, 2024. Announcement • Oct 02
Banco Bilbao Vizcaya Argentaria, S.A. to Report Q3, 2023 Results on Oct 31, 2023 Banco Bilbao Vizcaya Argentaria, S.A. announced that they will report Q3, 2023 results on Oct 31, 2023 Announcement • Sep 29
BBVA Names Belén Blanco Jerez as Chief Executive Officer for Its European Asset Management Business BBVA has named Belén Blanco Jerez as chief executive officer for its European asset management business. Blanco has featured in every iteration of Citywire Selector’s annual Selector 100 list, which showcases the most influential fund selectors operating in Europe. In her new capacity, Blanco will be responsible for BBVA’s asset management business in Spain, Luxembourg and Portugal. She replaces Luis Megías, who leaves the bank to undertake new professional projects with BlackRock. Since 2012, Blanco has been responsible for BBVA Quality Funds, the unit responsible for the selection of third-party investment funds, and also served as a member of the BBVA AM & Global Wealth Business Committee. In total, Blanco has almost 30 years of experience in the financial markets, with the last 25 being with BBVA AM & Global Wealth. She has held several different positions related to asset management, including head of fixed income and membership of the investment committee, as well as head of BBVA AM product design. Announcement • Sep 28
Banco Bilbao Vizcaya Argentaria, S.A. Resolves Payment of Cash Interim Dividend, Payable on October 11, 2023 The board of directors of Banco Bilbao Vizcaya Argentaria, S.A. has resolved the payment of a cash interim dividend of EUR 0.16 (gross) per share on account of the 2023 dividend, to be paid on 11 October 2023. Ex-dividend date: 9 October 2023. Record date: 10 October 2023. Net dividend per share: EUR 0.1296 per share. New Risk • Jul 31
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.7% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.7% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Jul 29
Second quarter 2023 earnings: EPS exceeds analyst expectations Second quarter 2023 results: EPS: €0.34 (up from €0.24 in 2Q 2022). Revenue: €7.03b (up 15% from 2Q 2022). Net income: €2.11b (up 23% from 2Q 2022). Profit margin: 30% (up from 28% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 7.6%. Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Banks industry in Spain. Over the last 3 years on average, earnings per share has increased by 40% per year whereas the company’s share price has increased by 41% per year. Announcement • Jul 28
KRUK Spólka Akcyjna (WSE:KRU) and GESCOBRO COLLECTION SERVICES, S.L.U. agreed to acquire Portfolio of unsecured unpaid loans from Banco Bilbao Vizcaya Argentaria, S.A. (BME:BBVA). KRUK Spólka Akcyjna (WSE:KRU) and GESCOBRO COLLECTION SERVICES, S.L.U. agreed to acquire Portfolio of unsecured unpaid loans from Banco Bilbao Vizcaya Argentaria, S.A. (BME:BBVA) On July 26, 2023. This portfolio of unsecured unpaid loans with an approximate gross value of €500 million. The sale of the portfolio has been divided into two segments. The first segment was sold to the KRUK group and second has been transferred to GESCOBRO COLLECTION SERVICES, S.L.U. Announcement • Jun 29
Banco Bilbao Vizcaya Argentaria, S.A. to Report Q2, 2023 Results on Jul 28, 2023 Banco Bilbao Vizcaya Argentaria, S.A. announced that they will report Q2, 2023 results on Jul 28, 2023 Announcement • Jun 16
Banco Bilbao Vizcaya Argentaria, S.A. announced that it expects to receive €1 billion in funding Banco Bilbao Vizcaya Argentaria, S.A. announced a private placement of an additional tier 1 capital equivalent to convertible preferred shares contingently convertible into common shares for gross proceeds of €1,000 million on June 14, 2023. The remuneration of the securities, whose payment is discretionary and subject to certain conditions, has been set at 8,375% on an annual basis until December 21, 2028. 
