Group
Quarterly evolution of results
In the third quarter of 2026, the Group achieved a net attributable profit of €3,015 million, once again exceeding €3,000 million, with a favorable performance in recurring revenue and NTI, although lower than in the previous quarter due to growth in operating expenses and loan-loss provisions.
| CONSOLIDATED INCOME STATEMENT: QUARTERLY EVOLUTION (MILLIONS OF EUROS) | ||||||||
|---|---|---|---|---|---|---|---|---|
| 2026 | 2025 |
|||||||
| 3Q | 2Q | 1Q | 4Q | 3Q | 2Q | 1Q | ||
| Net interest income | 8,079 | 7,627 | 7,537 | 7,034 | 6,640 | 6,208 | 6,398 | |
| Net fees and commissions | 2,337 | 2,316 | 2,256 | 2,145 | 2,060 | 1,951 | 2,060 | |
| Net trading income | 596 | 582 | 915 | 694 | 531 | 484 | 948 | |
| Other operating income and expenses | (98) | (19) | (56) | (78) | (128) | 67 | (82) | |
| Gross income | 10,913 | 10,506 | 10,652 | 9,795 | 9,102 | 8,710 | 9,324 | |
| Operating expenses | (4,168) | (3,951) | (4,049) | (3,971) | (3,574) | (3,224) | (3,562) | |
| Personnel expenses | (2,215) | (2,164) | (2,201) | (2,181) | (1,899) | (1,792) | (1,901) | |
| Other administrative expenses | (1,519) | (1,371) | (1,430) | (1,398) | (1,296) | (1,062) | (1,283) | |
| Depreciation | (434) | (416) | (418) | (393) | (379) | (370) | (378) | |
| Operating income | 6,745 | 6,555 | 6,604 | 5,823 | 5,528 | 5,485 | 5,762 | |
| Impairment on financial assets not measured at fair value through profit or loss | (1,947) | (1,677) | (1,820) | (1,745) | (1,567) | (1,377) | (1,385) | |
| Provisions or reversal of provisions | (37) | (31) | (64) | (140) | (99) | (82) | (51) | |
| Other gains (losses) | (16) | 12 | 2 | (4) | 6 | 50 | 22 | |
| Profit (loss) before tax | 4,744 | 4,859 | 4,722 | 3,934 | 3,868 | 4,076 | 4,348 | |
| Income tax | (1,541) | (1,578) | (1,534) | (1,269) | (1,206) | (1,160) | (1,466) | |
| Profit (loss) for the period | 3,203 | 3,281 | 3,189 | 2,665 | 2,662 | 2,916 | 2,882 | |
| Non-controlling interests | (188) | (219) | (199) | (132) | (132) | (167) | (184) | |
| Net attributable profit (loss) | 3,015 | 3,062 | 2,989 | 2,533 | 2,531 | 2,749 | 2,698 | |
| Adjusted earnings (loss) per share (euros) (1) | 0.53 | 0.54 | 0.51 | 0.43 | 0.42 | 0.46 | 0.45 | |
| Earnings (loss) per share (euros) (1) | 0.52 | 0.53 | 0.51 | 0.42 | 0.42 | 0.46 | 0.45 | |
| (1) For more information, see the Alternative Performance Measures in this report. | ||||||||
Year-on-year evolution of results
The cumulative net attributable profit of the BBVA Group in the first nine months of 2026 reached €9,066 million, representing an increase of 13.6% over the same period last year supported by the strong performance of recurring revenues from the banking business, particularly net interest income. Excluding the effect of exchange rates fluctuations, this growth stands at 11.4%.
| CONSOLIDATED INCOME STATEMENT (MILLIONS OF EUROS) | ||||
|---|---|---|---|---|
| Jan.-Sep.26 | 𝚫 % | 𝚫 % at constant exchange rates | Jan.-Sep.25 | |
| Net interest income | 23,243 | 20.8 | 17.8 | 19,246 |
| Net fees and commissions | 6,909 | 13.8 | 14.5 | 6,071 |
| Net trading income | 2,093 | 6.7 | 5.6 | 1,962 |
| Other operating income and expenses | (173) | 21.4 | (1.6) | (143) |
| Gross income | 32,072 | 18.2 | 16.3 | 27,136 |
| Operating expenses | (12,168) | 17.4 | 16.0 | (10,360) |
| Personnel expenses | (6,580) | 17.7 | 16.9 | (5,592) |
| Other administrative expenses | (4,320) | 18.7 | 16.5 | (3,640) |
| Depreciation | (1,268) | 12.4 | 10.3 | (1,128) |
| Operating income | 19,903 | 18.6 | 16.5 | 16,776 |
| Impairment on financial assets not measured at fair value through profit or loss | (5,444) | 25.8 | 22.0 | (4,328) |
| Provisions or reversal of provisions | (132) | (43.0) | (44.1) | (233) |
| Other gains (losses) | (2) | n.s. | n.s. | 77 |
| Profit (loss) before tax | 14,325 | 16.5 | 14.9 | 12,292 |
| Income tax | (4,653) | 21.4 | 20.1 | (3,832) |
| Profit (loss) for the period | 9,672 | 14.3 | 12.6 | 8,461 |
| Non-controlling interests | (606) | 25.5 | 33.9 | (483) |
| Net attributable profit (loss) | 9,066 | 13.6 | 11.4 | 7,978 |
| Adjusted earnings (loss) per share (euros) (1) | 1.60 | 1.33 | ||
| Earnings (loss) per share (euros) (1) | 1.57 | 1.33 | ||
| (1) For more information, see the Alternative Performance Measures in 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.
On a year-on-year basis, cumulative net interest income as of September 2026 maintained its positive momentum across all business areas, with Turkey recording the strongest growth, followed by South America and Mexico. Overall, net interest income increased by 17.8%.
Likewise, net fees and commissions experienced a year-on-year growth of 14.5%, with a differential increase in Turkey, although all areas recorded higher fees in the first nine months of 2026 compared to the same period of the previous year. By type, fees from payment methods stood out, and to a lesser extent, asset management fees.
As a result of this favorable evolution of net interest income and net fees and commissions, recurring revenues from the banking business continued to show an upward quarterly trend, with a cumulative year-on-year growth as of the end of September 2026 of 17.0%.
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: +19.1%.
The NTI showed a positive performance (+5.6% at the end of September 2026), with a standout performance in Rest of Business and, to a lesser extent, in Mexico and South America.
The other operating income and expenses line stood practically in line with the same period of the previous year, where a more negative hyperinflation impact and a higher contribution to deposit guarantee schemes were offset by the rest of the positive effects recorded in this line, notably a stronger performance in the results of the insurance business.
GROSS INCOME
(MILLIONS OF EUROS AT CONSTANT EXCHANGE RATES)
(1) At current exchange rates: +18.2%.
OPERATING EXPENSES
(MILLIONS OF EUROS AT CONSTANT EXCHANGE RATES)
(1) At current exchange rates: +17.4%.
Operating expenses grew by 16.0%, below the gross income growth rate of (+16.3%), with the consequent year-on-year improvement in the efficiency ratio (9 basis points, at constant exchange rates). The increase in this line item stems from both higher general expenses, mainly in technology and taxes (both periods including the impact of the re-estimation of the applied pro-rata on the Value Added Tax at BBVA, S.A.) and personnel expenses, the latter including the increase in staff remuneration and the impact of voluntary redundancies in 2026. Excluding from the year-on-year comparison the aforementioned re-estimation of the applied pro-rata on the Value Added Tax, with an impact in both periods, and the voluntary redundancies in 2026, the efficiency ratio would decrease by 81 basis points.
EFFICIENCY RATIO
(PERCENTAGE)
OPERATING INCOME
(MILLIONS OF EUROS AT CONSTANT EXCHANGE RATES)
(1) At current exchange rates: +18.6%.
The impairment on financial assets not measured at fair value through profit or loss (hereinafter, impairment on financial assets) was at the end of September 2026 22.0% higher than in the same period of the previous year. This evolution is largely explained by the higher provisions made mainly in Turkey, and to a lesser extent, in South America and Mexico.
IMPAIRMENT ON FINANCIAL ASSETS
(MILLIONS OF EUROS AT CONSTANT EXCHANGE RATES)
(1) At current exchange rates: +25.8%.
The provisions or reversal of provisions line (hereinafter, provisions) registered as of September 30, 2026 lower provisions (-44.1% year-on-year) in all business areas except for Turkey and Spain.
On the other hand, the other gains (losses) line ended the first nine months of 2026, with a slight loss, contrasting with the cumulative positive results at the end of September 2025.
Income tax includes the accrual corresponding to the first nine months of 2026 of the tax on net interest income and net fees and commissions in Spain, which amounts to approximately €225 million, in line with the €224 million accrued in the same period of 2025.
As a result of the above, the BBVA Group recorded a net attributable profit of €9,066 million accumulated at the end of September 2026, showing an increase of 11.4% compared to the same period of the previous year. This solid result is underpinned by the strength of net interest income, which absorbs the increase in operating expenses and impairment on financial assets, in a context of expanding lending activity.
The cumulative net attributable profit, in millions of euros as of the end of September 2026, for the business areas that make up the Group were as follows: 3,106 in Spain, 4,522 in Mexico, 789 in Turkey, 821 in South America and 801 in Rest of Business.
NET ATTRIBUTABLE PROFIT (LOSS)
(MILLIONS OF EUROS AT CONSTANT EXCHANGE RATES)
(1) At current exchange rates: +13.6%.
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 September 2026 was 14.3% higher than the same period of the previous year.
TANGIBLE BOOK VALUE PER SHARE AND DIVIDENDS
(EUROS)
General note: Adding back dividends paid in April and October 2026. 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 19.9%.
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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