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Spain

7,103M€*
+21.8%

Spain

Spain

HIGHLIGHTS

  1. Lending growth in the year, with a seasonal decline in the quarter
  2. Good year-on-year performance of the recurring revenue and outstanding efficiency improvements
  3. Stability of the NPL ratio and the cost of risk
  4. Outstanding results, above €1 billion for the second quarter in a row

RESULTS
(Millons of euros)

Net interest income Gross income
4,831 7,103
+19.2% (2) +21.8% (2)
Operating income Net atributable profit
4,642 2,866
+32.8% (2) +37.6% (2)

ACTIVITY (1)

Variation compared 31-12-23.
Balances as of 30-09-24.
Performing loans and advances to customers under management Customer funds under management
+1.8% +3.7%

RISKS

NPL coverage ratio
55% 56%
NPL ratio
4.1% 3.9%
Cost of risk
0.37% 0.38%
DEC 23
SEP 24
(1) Exluding repos.

(2) Year-on-year changes.

Mexico

11,641M€*
+11.1% (1)

Mexico

Mexico

HIGHLIGHTS

  1. The strong momentum in lending activity continues, with greater dynamism in the retail segment
  2. Outstanding development of gross income
  3. Good behavior of the efficiency ratio in the quarter and in the year
  4. Growth in quarterly net attributable profit

RESULTS
(Millons of euros)

Net interest income Gross income
8,762 11,641
+7.3% (2) +11.1% (2)
Operating income Net atributable profit
8,160 4,193
+12.1% (2) +5.6% (2)

ACTIVITY (1)

Variation compared 31-12-23.
Balances as of 30-09-24.
Performing loans and advances to customers under management Customer funds under management
+9.4% +8.5%

RISKS

NPL coverage ratio
123% 121%
NPL ratio
2.6% 2.7%
Cost of risk
2.96% 3.43%
DEC 23
SEP 24
(1) Exluding repos.

(2) Year-on-year changes.

Turkey

2,838M€*
+100.7% (1)

Turkey

Turkey

HIGHLIGHTS

  1. Lower year-on-year impact from hyperinflation
  2. Year-on-year growth in net attributable profit
  3. Normalization of the cost of risk

RESULTS
(Millons of euros)

Net interest income Gross income
925 2,838
-26.2% (2) +100.7% (2)
Operating income Net atributable profit
1,458 433
+154.0% (2) n.s. (2)

ACTIVITY (1)

Variation compared 31-12-23.
Balances as of 30-09-24.
Performing loans and advances to customers under management Customer funds under management
+33.2% +37.8%

RISKS

NPL coverage ratio
97% 87%
NPL ratio
3.8% 3.6%
Cost of risk
0.25% 1.12%
DEC 23
SEP 24
(1) Exluding repos.

(2) Year-on-year changes.

South America

3,865M€*
+48.6% (2)

South America

South America

HIGHLIGHTS

  1. Good performance of the lending activity and the acquisition of customer funds
  2. Favorable evolution of the net interest income and NTI
  3. Year-on-year improvement of the efficiency ratio of the area at constant exchange rates
  4. Lower adjustment for hyperinflation in Argentina in the quarter

RESULTS
(Millons of euros)

Net interest income Gross income
4,178 3,865
+41.9% (2) +48.6% (2)
Operating income Net atributable profit
2,056 471
+71.6% (2) +108.7% (2)

ACTIVITY (1)

Variation compared 31-12-23.
Balances as of 30-09-24.
Performing loans and advances to customers under management Customer funds under management
+10.1% +19.1%

RISKS

NPL coverage ratio
88% 80%
NPL ratio
4.8% 5.0%
Cost of risk
2.51% 2.87%
DEC 23
SEP 24
(1) Exluding repos.

(2) Year-on-year changes.

Rest of Business

1,048M€*
+24.9% (2)

Rest of Business

Rest of business

HIGHLIGHTS

  1. Good performance of lending activity and significant growth in customers funds
  2. Favorable evolution in recurring revenues and NTI in the quarter
  3. Positive dynamics in risk metrics
  4. Significant improvement of the efficiency ratio and the quarterly result

RESULTS
(Millons of euros)

Net interest income Gross income
523 1,048
+30.9% (2) +24.9% (2)
Operating income Net atributable profit
550 402
+30.1% (2) +25.4% (2)

ACTIVITY (1)

Variation compared 31-12-23.
Balances as of 30-09-24.
Performing loans and advances to customers under management Customer funds under management
+13.0% +82.7%

RISKS

NPL coverage ratio
69% 70%
NPL ratio
0.7% 0.6%
Cost of risk
0.08% 0.12%
DEC 23
SEP 24
(1) Exluding repos.

(2) Year-on-year changes.

* Gross income.

(1) At constant exchange rate.

(2) At constant exchange rates.

This section presents the most relevant aspects of the Group's different business areas. Specifically, for each one of them, it shows a summary of the income statements and balance sheets, the business activity figures and the most significant ratios.

The structure of the business areas reported by the BBVA Group as of September 30, 2024, is the same as the one presented at the end of 2023.

The composition of BBVA Group's business areas is summarized below:

  1. Spain mainly includes the banking, insurance and asset management activities that the Group carries out in this country.
  2. Mexico includes banking, insurance and asset management activities in this country, as well as the activity that BBVA Mexico carries out through its agency in Houston.
  3. Turkey reports the activity of the group Garanti BBVA that is mainly carried out in this country and, to a lesser extent, in Romania and the Netherlands.
  4. South America includes banking, financial, insurance and asset management activities conducted, mainly, in Argentina, Chile, Colombia, Peru, Uruguay and Venezuela.
  5. Rest of Business mainly incorporates the wholesale activity carried out in Europe (excluding Spain), the United States, and BBVA’s branches in Asia.

The Corporate Center contains the centralized functions of the Group, including: the costs of the head offices with a corporate function for the Group; structural exchange rate positions management; portfolios whose management is not linked to customer relations, such as financial and industrial holdings; stakes in Funds & Investment Vehicles in tech companies; certain tax assets and liabilities; funds due to commitments to employees; goodwill and other intangible assets as well as portfolios and assets' funding. Finally, in the description of this aggregate, it is worth mentioning that the Corporate Center's tax expense includes for each interim period the difference between the effective tax rate in the period of each business area and the expected tax rate of the Group for the year as a whole.

In addition to these geographical breakdowns, supplementary pro forma information is provided for the wholesale business, Corporate & Investment Banking (CIB), carried out by BBVA in the countries where it operates. This business is relevant to have a broader understanding of the Group's activity and results due to the important features of the type of customers served, products offered and risks assumed, even if this is a pro forma information that does not capture the application of the hyperinflation accounting nor the wholesale business of the Group in Venezuela.

To prepare the information by business areas, which is presented under management criteria based on the financial information used in the preparation of the financial statements, the lowest level units and/or companies that make up the Group are taken and assigned to the different areas according to the main region or company group in which they carry out their activity. In regards to the information on the business areas and on the supplementary pro-forma information about CIB, in the first quarter of 2024 the Group changed its allocation criteria for certain expenses, mainly related with global international projects between the Corporate Center and the business areas (where they are currently charged), so, in order to make those year-on-year comparisons homogeneous, the figures for year 2023 have been revised, which has not affected the consolidated financial information of the Group.

Regarding the shareholders' funds allocation in the business areas, a capital allocation system based on the consumed regulatory capital is used.

Finally, it should be noted that, as usual, in the case of the different business areas, that is, Mexico, Turkey, South America and Rest of Business, and, additionally, CIB, in addition to the year-on-year variations applying current exchange rates, the variations at constant exchange rates are also disclosed.

GROSS INCOME (1), OPERATING INCOME (1) AND NET ATTRIBUTABLE PROFIT (1) BREAKDOWN (PERCENTAGE. JAN.-SEP.2024)

Groos Income, operatin income & net attributable profit breakdown

(1) Excludes the Corporate Center.


MAIN INCOME STATEMENT LINE ITEMS BY BUSINESS AREA (MILLIONS OF EUROS)


BBVA Group
Business areas


∑ Business areas


Corporate Center
SpainMexicoTurkeySouth AmericaRest of Business
Jan.-Sep.24
Net interest income18,8614,8318,7629254,17852319,220(359)
Gross income26,1617,10311,6412,8383,8651,04826,494(332)
Operating income 15,9724,6428,1601,4582,05655016,865(893)
Profit (loss) before tax11,6474,0475,7651,22394351112,489(842)
Net attributable profit (loss)7,6222,8664,1934334714028,366(744)
Jan.-Sep.23 (1)
Net interest income17,8434,0538,1641,5813,89240518,096(253)
Gross income22,1045,83310,4752,3103,57785223,046(942)
Operating income 12,8633,4947,2771,2631,88843114,353(1,490)
Profit (loss) before tax9,4873,0155,4501,0871,00941710,977(1,491)
Net attributable profit (loss)5,9612,0833,9713664883277,235(1,274)

(1) Revised balances.


MAIN BALANCE-SHEET ITEMS AND RISK-WEIGHTED ASSETS BY BUSINESS AREA (MILLIONS OF EUROS)


BBVA Group
Business areas


∑ Business areas


Corporate Center


Deletions
SpainMexicoTurkeySouth AmericaRest of Business
30-09-24
Loans and advances to customers386,731176,06182,11742,69342,89644,224387,992408(1,669)
Deposits from customers437,834236,35177,94355,58846,46724,189440,539183(2,888)
Off-balance sheet funds183,057105,80255,67414,1066,862613183,0570
Total assets/liabilities and equity769,341441,170156,54176,47868,05258,013800,25324,168(55,081)
RWAs379,519123,35687,38161,39452,61240,969365,71113,808
31-12-23
Loans and advances to customers377,643173,16988,11237,41641,21339,322379,231230(1,819)
Deposits from customers413,487217,23592,56450,65142,56713,056416,073181(2,768)
Off-balance sheet funds164,36797,25353,2547,7685,525566164,3661
Total assets/liabilities and equity775,558457,573173,48968,32964,77964,274828,44523,074(75,961)
RWAs363,915121,77991,86554,50649,11736,410353,67810,237

At September 30, 2024, the number of Group's employees stood at 125,083, an increase of 3.8% compared to the end of September 2023, as a result mainly of the hiring of technological profiles in all geographical areas.

NUMBER OF EMPLOYEES

Chart. Number of employees

NUMBER OF BRANCHES

Chart. Number of Branches

NUMBER OF ATMS

Chart. Number of ATMs

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