Group
Results
The BBVA Group achieved a cumulative result of €2,989 million by the end of the first quarter in 2026, representing an increase of 10.8% over the same period last year, supported by the strong performance of recurring revenues from the banking business. If the exchange rates variation is excluded, this growth increases to 14.1%.
| CONSOLIDATED INCOME STATEMENT (MILLIONS OF EUROS) | ||||
|---|---|---|---|---|
| 1Q26 | 𝚫 % | 𝚫 % at constant exchange rates | 1Q25 | |
| Net interest income | 7,537 | 17.8 | 20.2 | 6,398 |
| Net fees and commissions | 2,256 | 9.5 | 15.5 | 2,060 |
| Net trading income | 915 | (3.4) | 1.1 | 948 |
| Other operating income and expenses | (56) | (31.3) | (54.7) | (82) |
| Gross income | 10,652 | 14.2 | 18.3 | 9,324 |
| Operating expenses | (4,049) | 13.7 | 17.5 | (3,562) |
| Personnel expenses | (2,201) | 15.8 | 20.1 | (1,901) |
| Other administrative expenses | (1,430) | 11.4 | 15.6 | (1,283) |
| Depreciation | (418) | 10.4 | 11.1 | (378) |
| Operating income | 6,604 | 14.6 | 18.7 | 5,762 |
| Impairment on financial assets not measured at fair value through profit or loss | (1,820) | 31.4 | 35.0 | (1,385) |
| Provisions or reversal of provisions | (64) | 26.2 | 28.3 | (51) |
| Other gains (losses) | 2 | (90.2) | (89.7) | 22 |
| Profit (loss) before tax | 4,722 | 8.6 | 12.8 | 4,348 |
| Income tax | (1,534) | 4.6 | 8.4 | (1,466) |
| Profit (loss) for the period | 3,189 | 10.6 | 15.1 | 2,882 |
| Non-controlling interests | (199) | 8.1 | 32.8 | (184) |
| Net attributable profit (loss) | 2,989 | 10.8 | 14.1 | 2,698 |
| Adjusted earnings (loss) per share (euros) (1) | 0.51 | 0.45 | ||
| Earnings (loss) per share (euros) (1) | 0.51 | 0.45 | ||
| (1) For more information, see Alternative Performance Measures at this report. | ||||
| CONSOLIDATED INCOME STATEMENT: QUARTERLY EVOLUTION (MILLIONS OF EUROS) | ||||||
|---|---|---|---|---|---|---|
| 2026 | 2025 |
|||||
| 1Q | 4Q | 3Q | 2Q | 1Q | ||
| Net interest income | 7,537 | 7,034 | 6,640 | 6,208 | 6,398 | |
| Net fees and commissions | 2,256 | 2,145 | 2,060 | 1,951 | 2,060 | |
| Net trading income | 915 | 694 | 531 | 484 | 948 | |
| Other operating income and expenses | (56) | (78) | (128) | 67 | (82) | |
| Gross income | 10,652 | 9,795 | 9,102 | 8,710 | 9,324 | |
| Operating expenses | (4,049) | (3,971) | (3,574) | (3,224) | (3,562) | |
| Personnel expenses | (2,201) | (2,181) | (1,899) | (1,792) | (1,901) | |
| Other administrative expenses | (1,430) | (1,398) | (1,296) | (1,062) | (1,283) | |
| Depreciation | (418) | (393) | (379) | (370) | (378) | |
| Operating income | 6,604 | 5,823 | 5,528 | 5,485 | 5,762 | |
| Impairment on financial assets not measured at fair value through profit or loss | (1,820) | (1,745) | (1,567) | (1,377) | (1,385) | |
| Provisions or reversal of provisions | (64) | (140) | (99) | (82) | (51) | |
| Other gains (losses) | 2 | (4) | 6 | 50 | 22 | |
| Profit (loss) before tax | 4,722 | 3,934 | 3,868 | 4,076 | 4,348 | |
| Income tax | (1,534) | (1,269) | (1,206) | (1,160) | (1,466) | |
| Profit (loss) for the period | 3,189 | 2,665 | 2,662 | 2,916 | 2,882 | |
| Non-controlling interests | (199) | (132) | (132) | (167) | (184) | |
| Net attributable profit (loss) | 2,989 | 2,533 | 2,531 | 2,749 | 2,698 | |
| Adjusted earnings (loss) per share (euros) (1) | 0.51 | 0.43 | 0.42 | 0.46 | 0.45 | |
| Earnings (loss) per share (euros) (1) | 0.51 | 0.42 | 0.42 | 0.46 | 0.45 | |
| (1) For more information, see Alternative Performance Measures at this report. | ||||||
Unless expressly indicated otherwise, for a better understanding of the changes under the main headings of the Group's income statement, the rates of change provided below refer to constant exchange rates. When comparing two dates or periods presented in this report, the impact of changes in the exchange rates against the euro of the currencies of the countries in which BBVA operates is sometimes excluded, assuming that exchange rates remain constant. For this purpose, the average exchange rate of the currency of each geographical area of the most recent period is used for both periods, except for those countries whose economies have been considered hyperinflationary, for which the closing exchange rate of the most recent period is used.
The accumulated net interest income as of the end of the first quarter of 2026 was 20.2% higher than in the same period of the previous year, mainly driven by growth in Turkey, South America, and Mexico. Moreover, net interest income over average total assets has shown a favorable evolution over the last few quarters, reflecting greater efficiency in the management of the traditional banking business. The growing trend shown by this indicator in 2025 continued into the first quarter of 2026, demonstrating the bank's capacity to generate solid interest income.
Likewise, net fees and commissions experienced a year-on-year growth of 15.5%, with an increase in this line in Turkey much higher than in the rest of business areas. By type, fees from payment methods stood out, and to a lesser extent, asset management fees.
As a result of this favorable evolution of the net interest income and net fees and commissions, the combined total of these two, i.e., recurring banking business revenues grew by 19.1% compared to the first three months of 2025.
NET INTEREST INCOME / AVERAGE TOTAL ASSETS
(PERCENTAGE AT CONSTANT EXCHANGE RATES)
NET INTEREST INCOME PLUS NET FEES AND COMMISSIONS
(MILLIONS OF EUROS AT CONSTANT EXCHANGE RATES)
(1) At current exchange rates: +15.8%.
The NTI showed a favorable performance (+1.1% at the end of March 2026), with a positive year-on-year growth in Mexico, Rest of Business, Spain and Turkey, partially offset by unfavorable trends in South America and, especially, the Corporate Center.
The other operating income and expenses line accumulated, as of March 31, 2026, an improved result compared to the same period of the previous year. This is largely due to better results in the insurance business, which offset a more negative impact derived from hyperinflation in the first quarter of 2026, compared to the same period in 2025.
GROSS INCOME
(MILLIONS OF EUROS AT CONSTANT EXCHANGE RATES)
(1) At current exchange rates: +14.2%.
OPERATING EXPENSES
(MILLIONS OF EUROS AT CONSTANT EXCHANGE RATES)
(1) At current exchange rates: +13.7%.
Thanks to the solid evolution in gross income, which increased by 18.3%, above the rate of growth in operating expenses (+17.5%), the efficiency ratio stood at 38.0% as of March 31, 2026, which represents an improvement of 24 basis points compared to the ratio as of March 31, 2025, at constant exchange rates. The year-on-year growth in operating expenses stems from both higher other administrative expenses (mainly in technology) and personnel expenses, the latter including the impact of voluntary redundancies in the first quarter of 2026.
EFFICIENCY RATIO
(PERCENTAGE)
OPERATING INCOME
(MILLIONS OF EUROS AT CONSTANT EXCHANGE RATES)
(1) At current exchange rates: +14.6%.
The impairment on financial assets not measured at fair value through profit or loss (impairment on financial assets) stood at the end of March 2026 at 35.0% higher than in the same period of the previous year, in a context of activity growth, although it remained virtually unchanged compared to the previous quarter. This evolution is largely explained by the higher provisions made in Turkey and Mexico, although all areas registered an increase in the level of loan-loss provisions.
IMPAIRMENT ON FINANCIAL ASSETS
(MILLIONS OF EUROS AT CONSTANT EXCHANGE RATES)
(1) At current exchange rates: +31.4%.
The provisions or reversal of provisions line (hereinafter provisions) registered at the end of March 31, 2026 higher provisions (+28.3% year-on-year), with growth mainly in South America and Turkey.
On the other hand, the other gains (losses) line ended in the first quarter of 2026 89.7% lower than the same period in 2025.
Income tax includes the accrual for the first quarter of 2026 corresponding to the new tax on net interest income and net fees and commissions in Spain which amounts to approximately €81 million, in line with the €85 million accrued in the first quarter of 2025.
As a result of the above, the BBVA Group reached a net attributable profit of €2,989 million accumulated at the end of the first quarter of 2026, showing growth of 14.1% compared to the same period of the previous year. This solid result is based on the strength of the net interest income, which offsets the increase in operating expenses and the provisions for impairment losses on financial assets.
The net attributable profits, in millions of euros and accumulated at the end of March 2026, for the business areas that compose the Group were as follows: 1,095 in Spain, 1,453 in Mexico, 263 in Turkey, 249 in South America and 236 in Rest of Business.
NET ATTRIBUTABLE PROFIT (LOSS)
(MILLIONS OF EUROS AT CONSTANT EXCHANGE RATES)
(1) At current exchange rates: +10.8%.
The Group's excellent performance has also allowed it to continue generating value, as is reflected in the growth of the tangible book value per share and dividends, which at the end of March 2026 was 14.7% higher than at the same period of the previous year.
TANGIBLE BOOK VALUE PER SHARE AND DIVIDENDS
(EUROS)
General note: Replenishing dividends paid in the period. For more information, see Alternative Performance Measures at this report.
EARNINGS (LOSS) PER SHARE
(EUROS)
General note: Adjusted by additional Tier 1 instrument remuneration. For more information, see Alternative Performance Measures at this report.
(1) The year-on-year variation of adjusted EPS stands at 13.6%.
Lastly, the Group’s profitability indicators show BBVA's ability to combine higher growth rates and profitability ratios at high levels in a way that differentiates it from the market.
ROE, ROTE AND RORC (PERCENTAGE)
ROA AND RORWA (PERCENTAGE)
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