Shareholder Report
january - september 2014

The BBVA share

Global growth has slowed, according to the latest available figures for the first half of 2014. This slowdown is largely due to the reduction in U.S. GDP in the first quarter of the year. The latest cyclical confidence and financial volatility indicators are consistent with a gradual improvement. Uncertainty remains weighted to the downside due to the reappearance of geopolitical risks and doubts about the impact which the forthcoming interest rate hike in the United States will have on capital flows and on financial asset prices.

In Q3, the main stock market indices have reported weaker performance than in the previous quarter. Euro Stoxx 50 registered a slight 0.1% decline and the Ibex 35 was down 0.9%. However, the Eurozone's banking sector index, Euro Stoxx Banks, was up about 1.8% over the same period, largely because of the latest measures applied by the ECB.

As of September 30, 2014 the BBVA share has increased by 6.7% since late 2013.

Share performance ratios

The BBVA share

Shareholder remuneration

A share capital increase against reserves took place in October, to implement the so-called "dividend-option" shareholder remuneration system.

Group Earnings

BBVA increases its profit from continuing operations by 43.2%.

BBVA's net attributable profit reached 1,929 million euros, or 37.3% less than in the same period in 2013, when the sale of non-strategic assets accounted for capital gains. Not including corporate operations, income from continuing operations is up 43.2% YoY, to €2,277 million euros.

Strong net interest income boosts revenue growth