Rest of Business
Highlights for the period January - September 2026
- Growth in lending activity and customer funds, driven by the New York branch
- Favorable performance of recurring revenues
- Positive year-on-year evolution of the efficiency ratio
- Double-digit growth in net attributable profit, with an upward quarterly trend
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: +56.1%.
NET ATTRIBUTABLE PROFIT (LOSS)
(MILLIONS OF EUROS AT CONSTANT EXCHANGE RATES)
(1) At current exchange rates: +61.3%.
| FINANCIAL STATEMENTS AND RELEVANT BUSINESS INDICATORS (MILLIONS OF EUROS AND PERCENTAGE) | ||||
|---|---|---|---|---|
| Income statement | Jan.-Sep.26 | 𝚫 % | 𝚫 % (1) | Jan.-Sep.25 (2) |
| Net interest income | 833 | 42.6 | 40.2 | 584 |
| Net fees and commissions | 569 | 33.1 | 32.1 | 428 |
| Net trading income | 475 | 73.8 | 72.2 | 273 |
| Other operating income and expenses | (5) | n.s. | n.s. | 4 |
| Gross income | 1,873 | 45.3 | 43.5 | 1,289 |
| Operating expenses | (786) | 32.6 | 31.7 | (593) |
| Personnel expenses | (404) | 29.3 | 28.1 | (312) |
| Other administrative expenses | (350) | 38.4 | 38.1 | (253) |
| Depreciation | (32) | 16.0 | 15.1 | (27) |
| Operating income | 1,087 | 56.1 | 53.4 | 696 |
| Impairment on financial assets not measured at fair value through profit or loss | (64) | 39.9 | 37.3 | (45) |
| Provisions or reversal of provisions and other results | 6 | n.s. | n.s. | (11) |
| Profit (loss) before tax | 1,029 | 60.9 | 58.2 | 640 |
| Income tax | (228) | 59.6 | 57.3 | (143) |
| Profit (loss) for the period | 801 | 61.3 | 58.5 | 497 |
| Non-controlling interests | — | — | — | — |
| Net attributable profit (loss) | 801 | 61.3 | 58.5 | 497 |
| Balance sheets | 30-09-26 | 𝚫 % | 𝚫 % (1) | 31-12-25 (2) |
| Cash, cash balances at central banks and other demand deposits | 22,346 | 93.3 | 87.2 | 11,559 |
| Financial assets designated at fair value | 3,296 | 70.9 | 67.2 | 1,928 |
| Of which: Loans and advances | 2,608 | 92.7 | 87.3 | 1,354 |
| Financial assets at amortized cost | 112,104 | 50.9 | 48.8 | 74,292 |
| Of which: Loans and advances to customers | 99,839 | 50.3 | 48.1 | 66,418 |
| Inter-area positions | — | — | — | — |
| Tangible assets | 264 | 1.0 | (1.5) | 261 |
| Other assets | 718 | 128.8 | 126.5 | 314 |
| Total assets/liabilities and equity | 138,727 | 57.0 | 54.4 | 88,354 |
| Financial liabilities held for trading and designated at fair value through profit or loss | 993 | 30.0 | 25.8 | 764 |
| Deposits from central banks and credit institutions | 8,844 | 70.7 | 69.4 | 5,181 |
| Deposits from customers | 47,756 | 16.7 | 15.4 | 40,932 |
| Debt certificates issued | 2,367 | 31.5 | 29.2 | 1,800 |
| Inter-area positions (3) | 69,237 | 112.4 | 107.4 | 32,593 |
| Other liabilities (3) | 2,683 | 42.5 | 39.9 | 1,882 |
| Allocated regulatory capital | 6,846 | 31.6 | 29.3 | 5,202 |
| Relevant business indicators | 30-09-26 | 𝚫 % | 𝚫 % (1) | 31-12-25 |
| Performing loans and advances to customers under management (4) | 99,699 | 50.0 | 47.8 | 66,457 |
| Non-performing loans | 427 | 179.9 | 179.9 | 153 |
| Customer deposits under management (4) | 47,756 | 16.7 | 15.4 | 40,932 |
| Off-balance sheet funds (5) | 773 | 5.0 | 5.0 | 736 |
| Risk-weighted assets | 59,290 | 26.5 | 24.4 | 46,853 |
| RORWA (1)(6) | 2.1 | 1.7 | ||
| Efficiency ratio (%) | 42.0 | 49.0 | ||
| NPL ratio (%) | 0.3 | 0.2 | ||
| NPL coverage ratio (%) | 84 | 172 | ||
| Cost of risk (%) | 0.11 | 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 nine months of 2026 were:
Lending activity (performing loans under management) showed a growth of 47.8%, driven by the dynamism of corporate loans from the New York branch, followed by Europe and Asia.
Customer funds under management increased compared to the closing balances at the end of December (+15.2%), mainly thanks to the growth in time deposits (+47.7%), boosted by Europe and Asia.
The most relevant aspects of the evolution of BBVA Group's Rest of Business activity during the third quarter of 2026 were:
Lending activity (performing loans under management) registered a growth of 15.4%, favored by corporate loans (+15.7%). By geographical areas, growth in the New York branch stood out, followed to a lesser extent by Europe and Asia.
For its part, compared to the end of June, the NPL ratio remained stable at 0.3%, supported by activity growth, while the NPL coverage ratio decreased by 4 percentage points to 84%, explained by the impairment of two wholesale customers.
Growth in time deposits, which boosted customer funds under management by up to 15.8%, growth led mainly by the New York branch and Asia, with the latter showing more dynamism in the quarter.
Results
Rest of Business achieved a net attributable profit of €801 million, cumulated in the first nine months of 2026, 58.5% 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.
The evolution of the results is largely explained by the performance of the Group's wholesale businesses in the United States, Europe (excluding Spain) and Asia. In the year-on-year evolution of the main line items of the area's income statement at the end of September 2026, the following was particularly noteworthy:
Net interest income grew by 40.2% 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 32.1%, with project finance and corporate lending operations standing out. By geographical area, fee generation was concentrated in the United States and Europe.
NTI grew by 72.2%, benefiting from the contribution of the United States and, to a lesser extent, Europe and Asia, driven mainly by commercial activity, particularly from foreign exchange and equities trading.
Increase in operating expenses of 31.7% explained by both higher general (technology and services provided by third parties) and personnel expenses, due to new hires. By geographical areas, growth remained concentrated in Europe.
The impairment on financial assets line at the end of September 2026 recorded a balance of €-64 million, a figure which is higher than in the same period of the previous year, mainly explained by higher provisions linked to specific exposures in the United States. For its part, the cumulative cost of risk at the end of September stood at 0.11%, 3 basis points below the previous quarter.
In the third quarter of 2026, and excluding the effect of the exchange rates fluctuations, the Group's Rest of Business as a whole generated a net attributable profit of €291 million, 7.0% higher than the result of the second quarter of 2026, favored by the growth in recurring revenues and the NTI.
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