Rest of Business
Highlights for the period January - March 2026
- Dynamic lending activity, with growth in all geographical areas driven by Corporate Lending and Project Finance
- Favorable performance of recurring revenues
- Positive evolution of the efficiency ratio
- Double-digit growth in net attributable profit
BUSINESS ACTIVITY (1) (VARIATION AT CONSTANT EXCHANGE RATES COMPARED TO 31-12-25)
(1) Excluding repos.
NET INTEREST INCOME / AVERAGE TOTAL ASSETS
(PERCENTAGE AT CONSTANT EXCHANGE RATES)
OPERATING INCOME
(MILLIONS OF EUROS AT CONSTANT EXCHANGE RATES)
(1) At current exchange rates: +44.7%.
NET ATTRIBUTABLE PROFIT (LOSS)
(MILLIONS OF EUROS AT CONSTANT EXCHANGE RATES)
(1) At current exchange rates: +30.9%.
| STATEMENTS AND RELEVANT BUSINESS INDICATORS (MILLIONS OF EUROS AND PERCENTAGE) | ||||
|---|---|---|---|---|
| Income statement | 1Q26 | 𝚫 % | 𝚫 % (1) | 1Q25 (2) |
| Net interest income | 232 | 23.2 | 27.0 | 188 |
| Net fees and commissions | 201 | 46.6 | 51.5 | 137 |
| Net trading income | 161 | 48.4 | 56.5 | 109 |
| Other operating income and expenses | 0 | (60.9) | (60.9) | 1 |
| Gross income | 595 | 36.7 | 41.8 | 435 |
| Operating expenses | (239) | 26.2 | 30.3 | (189) |
| Personnel expenses | (120) | 19.2 | 23.7 | (101) |
| Other administrative expenses | (108) | 35.5 | 39.0 | (80) |
| Depreciation | (11) | 22.9 | 25.7 | (9) |
| Operating income | 355 | 44.7 | 50.7 | 246 |
| Impairment on financial assets not measured at fair value through profit or loss | (51) | 168.8 | 182.3 | (19) |
| Provisions or reversal of provisions and other results | (4) | n.s. | n.s. | 3 |
| Profit (loss) before tax | 300 | 30.7 | 35.9 | 230 |
| Income tax | (64) | 30.1 | 35.3 | (50) |
| Profit (loss) for the period | 236 | 30.9 | 36.0 | 180 |
| Non-controlling interests | — | — | — | — |
| Net attributable profit (loss) | 236 | 30.9 | 36.0 | 180 |
| Balance sheets | 31-03-26 | 𝚫 % | 𝚫 % (1) | 31-12-25 (2) |
| Cash, cash balances at central banks and other demand deposits | 7,545 | (34.7) | (36.1) | 11,559 |
| Financial assets designated at fair value | 2,612 | 35.5 | 33.9 | 1,928 |
| Of which: Loans and advances | 2,007 | 48.3 | 46.1 | 1,354 |
| Financial assets at amortized cost | 84,390 | 13.6 | 12.7 | 74,292 |
| Of which: Loans and advances to customers | 75,432 | 13.6 | 12.6 | 66,418 |
| Inter-area positions | — | — | — | — |
| Tangible assets | 251 | (3.9) | (5.3) | 261 |
| Other assets | 451 | 43.9 | 42.8 | 314 |
| Total assets/liabilities and equity | 95,249 | 7.8 | 6.7 | 88,354 |
| Financial liabilities held for trading and designated at fair value through profit or loss | 772 | 1.0 | (1.1) | 764 |
| Deposits from central banks and credit institutions | 5,074 | (2.1) | (2.7) | 5,181 |
| Deposits from customers | 38,048 | (7.0) | (7.6) | 40,932 |
| Debt certificates | 1,908 | 6.0 | 5.0 | 1,800 |
| Inter-area positions (3) | 42,316 | 29.8 | 27.9 | 32,593 |
| Other liabilities (3) | 1,616 | (14.1) | (15.1) | 1,882 |
| Allocated regulatory capital | 5,516 | 6.0 | 5.0 | 5,202 |
| Relevant business indicators | 31-03-26 | 𝚫 % | 𝚫 % (1) | 31-12-25 |
| Performing loans and advances to customers under management (4) | 75,507 | 13.6 | 12.6 | 66,457 |
| Non-performing loans | 152 | (0.4) | (0.4) | 153 |
| Customer deposits under management (4) | 38,048 | (7.0) | (7.6) | 40,932 |
| Off-balance sheet funds (5) | 755 | 2.6 | 2.6 | 736 |
| Risk-weighted assets | 49,627 | 5.9 | 4.9 | 46,853 |
| RORWA (1)(6) | 2.0 | 1.7 | ||
| Efficiency ratio (%) | 40.2 | 49.0 | ||
| NPL ratio (%) | 0.1 | 0.2 | ||
| NPL coverage ratio (%) | 197 | 172 | ||
| Cost of risk (%) | 0.30 | 0.15 | ||
| (1) At constant exchange rate. (2) Revised balances. For more information, please refer to the “Business Areas” section. (3) Revised balances in 2025. (4) Excluding repos. (5) Includes pension funds. (6) For more information on the calculation methodology, as well as the calculation of the metric at the consolidated Group level, see Alternative Performance Measures at this report. |
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Unless expressly stated otherwise, all the comments below on rates of change, for both activity and results, will be given at constant exchange rates. These rates, together with the changes at current exchange rates, can be found in the attached tables of the financial statements and relevant business indicators. Comments that refer to Europe exclude Spain.
Activity
The most relevant aspects of the evolution of BBVA Group's Rest of Business activity during the first quarter of 2026 were:
Lending (performing loans under management) recorded a growth of 12.6%, continuing the upward trend seen in recent quarters. Balanced growth was observed in all geographical areas, driven by the activity of Corporate Lending and Project Finance.
On the other hand, compared to the end of December, the NPL ratio decreased by 2 basis points and remains at 0.1%, helped by the positive momentum of activity and the stability of non-performing loans, while the NPL coverage ratio increased to 197% supported by increased coverage on certain customers.
Customer funds under management decreased by 7.4%, mainly driven by customer deposits in New York and Asia (CIB).
Results
Rest of Business achieved a net attributable profit of €236 million during 2026, 36.0% higher than in the same period of the previous year, favored by the evolution of the recurring revenues and the NTI, which more than offset the increase in operating expenses and loan-loss provisions.
In the year-on-year evolution of the main lines of the area's income statement at the end of March 2026, the following was particularly noteworthy:
Net interest income grew by 27.0% as a result of increased activity volume, particularly in investment banking, as well as transactional business.
Net fees and commissions had an excellent performance and increased by 51.5%, thanks to issuance activity in the primary debt market and relevant operations in project finance and corporate loans. By geographical area, fee generation was primarily concentrated in Europe and the United States.
NTI grew by 56.5%, benefiting from the contribution of Europe and, to a lesser extent, Asia and the United States.
Increase in operating expenses of 30.3% mainly explained by higher expenses in Europe due to new hires and investment in strategic projects.
The impairment on financial assets line at the end of March 2026 recorded a balance of €-51 million, a figure which is higher than in the same period of the previous year, mainly originated in higher provisions linked to specific exposures in the United States and Europe. Meanwhile, the cost of risk at the end of March increased by 6 basis points compared to the cost of risk of the last quarter of 2025, reaching 0.30%, as a result of the increase in the portfolio and partly due to higher provisions for individual customers in the United States portfolio.
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