Report 1Q 2025
BBVA earns €2.7 billion in first quarter, up 23 percent yoy
The share
Economic growth started 2025 with relatively strong dynamics, largely maintaining the momentum seen in 2024, mainly in the United States and China, and to a lesser extent in the Eurozone. Economic activity at the beginning of the year was supported by buoyant labor markets, generally high government spending, less restrictive monetary conditions and lower inflation, although still above the 2% target, especially in the United States.
However, the policies of the new United States administration have been a negative shock for the world economy, which has raised the uncertainty and the financial volatility. Thus, BBVA Research anticipates a loss of dynamism in the main economies and inflation that could rebound, at least, in the United States. Likewise, possible fiscal stimulus measures could partially mitigate the impact of trade protectionism, particularly in the Eurozone, where plans have been announced to increase spending on defense and infrastructure, in a context of growing geopolitical challenges.
This context could lead the Federal Reserve to postpone until 2026 the interest rate cuts expected for this year (stable at 4.50% in recent months). In contrast, in the Eurozone, slower economic growth could allow the European Central Bank to cut rates further, to the 2.0% or slightly below that level, although this would also depend, among other factors, on the European Union's response to the United States tariffs, which could generate additional inflationary pressures.
The main indexes have shown a positive performance during the first quarter of 2025. In Europe, the Stoxx Europe 600 index rose by 5.2% compared to the end of December 2024, and in Spain the Ibex 35 increased by 13.3% in the same period, showing a better relative performance. In the United States, the S&P 500 index also decreased by -4.6%.
With regard to the banking sector indexes, the performance in the first quarter of 2025 was better than the general indexes in Europe. The Stoxx Europe 600 Banks index, which includes the banks in the United Kingdom, and the Euro Stoxx Banks, an index of Eurozone banks, increased 21.5% and 27.5% respectively, while in the United States, the S&P Regional Banks sector index decreased by -5.8% in the period.
The BBVA share price increased by 32.7% during the quarter, outperforming its sector index, closing the month of March 2025 at €12.55.
BBVA share evolution
Compared with European indexes (base indice 100=31-12-24)
BBVA
Eurostoxx-50
Eurostoxx Banks
The BBVA share and share performance ratios
| 31/03/2025 | 31/12/2024 | |
| Number of shareholders | 690,635 | 714,069 |
| Number of shares issued (millions) | 5,763 | 5,763 |
| Closing price (euros) | 12.55 | 9.45 |
| Book value per share (euros) (1) | 9.58 | 9.67 |
| Tangible book value per share (euros) (1) | 9.14 | 9.24 |
| Market capitalization (millions of euros) | 72,300 | 54,463 |
(1) For more information, see Alternative Performance Measures at the end of the quarterly report.
Regarding shareholder remuneration, as approved by the General Shareholders' Meeting on March 21, 2025, under item 1.3 of the agenda, on April 10, 2025, a cash payment of €0.41 gross per outstanding BBVA share was made against 2024 earnings, with the right to receive this amount as a final dividend for 2024. Thus, the total amount of cash distributions for 2024, taking into account that €0.29 gross per share were distributed in October 2024, amounted to €0.70 gross per share.
Additionally, on January 30, 2025 a BBVA share repurchase program for an amount of €993m million was announced, which is pending execution as of the date of this document.
On March 31, 2025 the number of BBVA shares outstanding was 5,763 million. The number of shareholders reached 690,635 and, by type of investor, 64.65% of the capital belonged to institutional investors and the remaining 35.35% was in the hands of retail shareholders.
BBVA shares are included on the main stock market indexes. At the closing of March 2025, the weighting of BBVA shares in the Ibex 35, Euro Stoxx 50 and the Stoxx Europe 600 index, were 11.3%, 1.8% and 0.6%, respectively. They are also included on several sector indexes, including Stoxx Europe 600 Banks, which includes the United Kingdom, with a weighting of 6.5% and the Euro Stoxx Banks index for the eurozone with a weighting of 10.5%. Moreover BBVA maintains a significant presence on a number of international sustainability indexes, such as, Dow Jones Sustainability Index (DJSI), FTSE4Good or MSCI ESG Indexes.
Group's information
- Results
- Balance sheet and business activity
- Solvency
- Banco Sabadell takeover bid
- Sustainability
- Sustainable Business Channeling Guide: Describes the criteria used to identify sustainable products and solutions (eligibility) as well as the criteria for counting them in the channeling Key Performance Indicator (KPI). It has been developed by BBVA and contrasted by a third party with industry best practices.
- ESG Data Pack: Following industry best practices, this report in Excel format is added to the sustainability reporting, the purpose of which is to provide the different stakeholders with access to certain non-financial information regarding 2024, mainly contained in the Non-Financial Information Statement of the BBVA Group.
The BBVA Group obtained a result of €2,698m in the first quarter of 2025, which represents a year-on-year increase of 22.7%. This growth rises to 46.3% if the impact of currency fluctuations is excluded. The solid results are supported by the strong performance of recurring revenues from the banking business and the net trading income (hereinafter NTI). In addition, there was a significantly lower negative impact on the other operating income and expenses line than in the same period of 2024, mainly due to a lower hyperinflation adjustment.
In constant terms, this is, excluding the effect of currency variations, operating expenses increased by 14.2% at Group level, affected by an environment of still high inflation in the countries where the Group has a presence, the growth of the workforce and the higher level of investments made in recent years. Thanks to the remarkable growth in gross income (+28.2%), which was notably greater than the growth in operating expenses (+14.2%), the efficiency ratio fell to 38.2% as of March 31, 2025, which represents an improvement of 469 basis points compared to the ratio as of March 31, 2024, at constant exchange rates.
The provisions for impairment on financial assets increased (+11.9% in year-on-year terms and at constant exchange rates), due to a higher rate of year-on-year growth in lending, both to companies and retail customers.
NET ATTRIBUTABLE PROFIT (LOSS) (MILLIONS OF EUROS)
Read more
Loans and advances to customers increased 1.2% in the quarter, particularly favored by the evolution of loans in the wholesale segment, where loans to companies stood out (+2.0% at Group level), and to a lesser extent, to the public sector (+3.7%).
Customer funds increased by 1.9% compared to the end of the previous year, driven by the growth in customer deposits and by the performance of investment funds and managed portfolios.
LOANS AND ADVANCES TO CUSTOMERS AND TOTAL CUSTOMER FUNDS (VARIATION COMPARED TO 31-12-2024)
Read more
The BBVA Group's CET11 ratio stood at 13.09% as of March 31, 2025, which allows it to maintain a large management buffer over the Group's CET1 requirement as of that date (9.13%2), placing above the Group's target management range of 11.5% - 12.0% of CET1.
CET1 ratio
1 Considering the last official updates of the countercyclical capital buffer, calculated on the basis of exposure as of December 31, 2024.
1 For the periods shown, there were no differences between fully loaded and phased-in ratios given that the impact associated with the transitional adjustments is nil.
2 Considering the last official update of the countercyclical capital buffer and systemic risk buffer, calculated on the basis of exposure as of December 31, 2024.
Read more
On April 30, 2024, due to a media report, BBVA published an inside information notice (información privilegiada) stating that it had informed the chairman of the Board of Directors of Banco de Sabadell, S.A. (the "Target Company") of the interest of BBVA’s Board of Directors in initiating negotiations to explore a possible merger between the two entities. On the same date, BBVA sent to the chairman of the Target Company the written proposal for the merger of the two entities. The content of the written proposal sent to the Board of Directors of the Target Company was published on May 1, 2024, by BBVA through the publication of an inside information notice (información privilegiada) with the Spanish Securities and Exchange Commission (hereinafter “CNMV”).
On May 6, 2024, the Target Company published an inside information notice (información privilegiada) informing of the rejection of the proposal by its Board of Directors.
Following such rejection, on May 9, 2024, BBVA announced, through the publication of an inside information notice (información privilegiada) (the "Prior Announcement"), the decision to launch a voluntary tender offer (the "Offer") for the acquisition of all of the issued shares of the Target Company, being a total of 5,440,221,447 ordinary shares with a par value of €0.125 each (representing 100% of the Target Company’s share capital). The consideration initially offered by BBVA to the shareholders of the Target Company consisted of one (1) newly issued share of BBVA for each four and eighty-three hundredths (4.83) ordinary shares of the Target Company, subject to certain adjustments in the case of dividend distribution in accordance with what was indicated in the Prior Announcement.
In accordance with the Prior Announcement of the Offer and as a consequence of the interim dividend against the 2024 financial year results in the amount of €0.08 per share paid by the Target Company to its shareholders on October 1, 2024, BBVA proceeded to adjust the Offer consideration. Therefore, after applying the adjustment in the terms set forth in the Prior Announcement, the consideration offered by BBVA to the shareholders of the Target Company under the Offer was adjusted to one (1) newly issued ordinary share of BBVA for each five point zero one nine six (5.0196) ordinary shares of the Target Company.
Additionally, as a result of the interim dividend against the 2024 financial year results in the amount of €0.29 per share paid by BBVA to its shareholders on October 10, 2024, BBVA proceeded to adjust again the Offer consideration. Therefore, also in accordance with the provisions of the Prior Announcement, the Offer consideration was adjusted to one (1) newly issued ordinary share of BBVA and €0.29 in cash for every five point zero one nine six (5.0196) ordinary shares of the Target Company.
In addition, as a consequence of the final dividend against the 2024 financial year results in the gross amount of €0.1244 per share paid by the Target Company to its shareholders on March 28, 2025, BBVA proceeded to adjust again the Offer consideration. Therefore, after applying the adjustment in the terms set forth in the Prior Announcement, the consideration offered by BBVA to the shareholders of the Target Company under the Offer was adjusted to one (1) newly issued ordinary share of BBVA and €0.29 in cash for every five point three four five six (5.3456) ordinary shares of the Target Company.
Lastly, as a result of the final dividend against the 2024 financial year results in the gross amount of €0.41 per share paid by BBVA to its shareholders on April 10, 2025, BBVA proceeded to adjust again the Offer consideration. Accordingly, in accordance with the provisions of the Prior Announcement, the Offer consideration was adjusted to one (1) newly issued ordinary share of BBVA and €0.70 in cash for every five point three four five six (5.3456) ordinary shares of the Target Company.
Pursuant to the provisions of Royal Decree 1066/2007, of July 27, on the rules governing tender offers ("Royal Decree 1066/2007"), the Offer is subject to mandatory clearance by the CNMV. Additionally, pursuant to the provisions of Law 10/2014 and Royal Decree 84/2015, the acquisition by BBVA of control of the Target Company resulting from the Offer is subject to the duty of prior notification to the Bank of Spain and the obtention of the non-opposition of the European Central Bank (a condition that was satisfied on September 5, 2024, as described below).
In addition, completion of the Offer is also subject to the satisfaction of the conditions specified in the Prior Announcement, in particular (i) the acceptance of the Offer by a number of shares that allows BBVA to acquire at least more than half of the effective voting rights of the Target Company at the end of the Offer acceptance period, excluding the treasury shares that the Target Company may hold at that time, as this condition was amended by BBVA in accordance with the publication of the inside information notice (información privilegiada) dated January 9, 2025, (ii) approval by BBVA’s General Shareholders’ Meeting of the increase of BBVA’s share capital through the issue of new ordinary shares through non-cash contributions in an amount that is sufficient to cover the consideration in shares offered to the shareholders of the Target Company (which condition was satisfied on July 5, 2024, as described below), (iii) the express or tacit authorization of the economic concentration resulting from the Offer by the Spanish antitrust authorities, and (iv) the express or tacit authorization of the indirect acquisition of control of the Target Company’s banking subsidiary in the United Kingdom, TSB Bank PLC, by the United Kingdom Prudential Regulation Authority (“PRA”) (a condition that was satisfied on September 2, 2024, as described below) .
On July 5, 2024, the BBVA’s Extraordinary General Shareholders' Meeting resolved to authorize, with 96% votes in favor, an increase in the share capital of BBVA of up to a maximum nominal amount of €551,906,524.05 through the issuing and putting into circulation of up to 1,126,339,845 ordinary shares of €0.49 par value each to cover the consideration in shares offered to the shareholders of the Target Company. On March 21, 2025, BBVA’s Ordinary General Shareholders’ Meeting approved the renewal of such resolution for its exercise within a one (1) year period from such date.
On September 3, 2024, BBVA announced, through the publication of an inside information notice (información privilegiada), that, on September 2, 2024, it received the authorization from the PRA for BBVA's indirect acquisition of control of TSB Bank PLC as a result of the Offer.
On September 5, 2024, BBVA announced, through the publication of an inside information notice (información privilegiada), that it received the decision of non-opposition from the European Central Bank to BBVA's taking control of the Target Company as a result of the Offer.
On November 12, 2024, BBVA announced, through the publication of Other Relevant Information notice (otra información relevante), that it received the resolution of the Spanish National Markets and Competition authority (CNMC) in which it decided to initiate the second phase of the analysis of the economic concentration resulting from the Offer.
The Offer is subject to approval by the CNMV and to the approval of the economic concentration resulting from the Offer by the Spanish competition authorities. The detailed terms of the Offer will be set out in the prospectus, which was submitted to the CNMV together with the request for the authorization of the Offer on May 24, 2024, and will be published after obtaining the mandatory clearance of the CNMV.
Read more
BBVA has set an ambitious new target of channeling €700 billion in sustainable business for the period 2025-20293. This new target represents more than double the previous target of €300 billion set for the period 2018-20254. The channeling of sustainable business at BBVA includes aspects related to climate change and natural capital (comprising activities linked to water, agriculture and circular economy), as well as the promotion and financing of social initiatives (including social, educational and health infrastructures, etc.; support for entrepreneurs and young companies; and the financial inclusion of the most disadvantaged groups). This channeling includes financial flows linked to activities, customers or products considered sustainable by BBVA. In addition, it is a cumulative concept since it reflects amounts originated since a certain date. Some of these flows are not recorded on the balance sheet (such as the placement of client bonds or guarantees) or have matured.
It is worth noting that the initial target of €300 billion was achieved in December 2024, one year ahead of schedule. The new target, moreover, will be developed in a shorter timeframe (five years compared to eight years in the previous cycle), which strengthens the strategic focus and acceleration of BBVA's sustainable agenda.
Within the framework of this new target, the BBVA Group has channeled an amount of approximately €28.8m in the first quarter of 20255, representing a 55%6 growth. Of this channeling, 78% corresponds to the area of environmental impact and the remaining 22% to the promotion of inclusive growth.
In this first quarter, retail business has been channeled for an amount of around €2.8 billion, with a growth of 85%5. BBVA has developed digital tools aimed at promoting more efficient energy consumption habits among its retail customers. These solutions allow estimating, in an indicative way and based on internal data, the potential savings that could be achieved by adopting energy efficiency measures at home or in transportation. Of particular note was the good performance of channeling related to the acquisition of hybrid or electric vehicles, with nearly €300m.
The corporate business unit has channeled around €10.8 billion in the same period, growing by 58%5. This quarter we have continued to advise corporate clients on sustainable solutions, which allow potential economic savings with a focus on transversal issues, such as energy efficiency, renewal of vehicle fleets or water. It is worth highlighting the financing for natural capital with around €1 billion, where Mexico's contribution is fundamental, as it generates around half of this channeling, especially in the agricultural sector.
CIB has channeled between January and March 2025 around €15.2 billion, representing a growth of 49%5. In the wholesale segment, BBVA has continued to promote the financing of clean technologies and renewable energy projects, as well as confirming linked to sustainability, among other strategic lines. It is worth highlighting the financing of renewable energy projects, which contributed around €600m during the first quarter.
In order to continue promoting transparency in the disclosure of sustainability-related information, and to meet investor demand for clarity, ease of use and consistency of information, the BBVA Group has published two new documents that are now available on the shareholder and investor website:
3 The new Sustainable Business Channeling objective does not include the activity of BBVA Asset Management or the BBVA Microfinance Foundation.
4 The 2029 Objective includes the channeling of financial flows, on a cumulative basis, in relation to activities, clients or products considered sustainable or that promote sustainability in accordance with internal standards inspired by existing regulations, market standards such as the Green Bond Principles, the Social Bond Principles and the Sustainability Linked Bond Principles of the International Capital Markets Association, as well as the Green Loan Principles, Social Loan Principles and Sustainability Linked Loan Principles of the Loan Market Association, existing regulations and best market practices. The foregoing is without prejudice to the fact that such channeling, both initially and at a later point in time, may not be recorded on the balance sheet. For the determination of the amounts of sustainable business channeled, internal criteria are used based on both internal and external information, whether public, provided by customers or by a third party (mainly data providers and independent experts).
5 The products and the eligibility and calculation criteria are described in the Sustainable Business Channeling Guide (link to the report).
6 Growth compared to the same period of the previous year excluding BBVA Asset Management and BBVA Microfinance Foundation activities.
Read more
The BBVA Group obtained a result of €2,698m in the first quarter of 2025, which represents a year-on-year increase of 22.7%. This growth rises to 46.3% if the impact of currency fluctuations is excluded. The solid results are supported by the strong performance of recurring revenues from the banking business and the net trading income (hereinafter NTI). In addition, there was a significantly lower negative impact on the other operating income and expenses line than in the same period of 2024, mainly due to a lower hyperinflation adjustment.
In constant terms, this is, excluding the effect of currency variations, operating expenses increased by 14.2% at Group level, affected by an environment of still high inflation in the countries where the Group has a presence, the growth of the workforce and the higher level of investments made in recent years. Thanks to the remarkable growth in gross income (+28.2%), which was notably greater than the growth in operating expenses (+14.2%), the efficiency ratio fell to 38.2% as of March 31, 2025, which represents an improvement of 469 basis points compared to the ratio as of March 31, 2024, at constant exchange rates.
The provisions for impairment on financial assets increased (+11.9% in year-on-year terms and at constant exchange rates), due to a higher rate of year-on-year growth in lending, both to companies and retail customers.
NET ATTRIBUTABLE PROFIT (LOSS) (MILLIONS OF EUROS)
Read more
Loans and advances to customers increased 1.2% in the quarter, particularly favored by the evolution of loans in the wholesale segment, where loans to companies stood out (+2.0% at Group level), and to a lesser extent, to the public sector (+3.7%).
Customer funds increased by 1.9% compared to the end of the previous year, driven by the growth in customer deposits and by the performance of investment funds and managed portfolios.
LOANS AND ADVANCES TO CUSTOMERS AND TOTAL CUSTOMER FUNDS (VARIATION COMPARED TO 31-12-2024)
Read more
The BBVA Group's CET11 ratio stood at 13.09% as of March 31, 2025, which allows it to maintain a large management buffer over the Group's CET1 requirement as of that date (9.13%2), placing above the Group's target management range of 11.5% - 12.0% of CET1.
CET1 ratio
1 Considering the last official updates of the countercyclical capital buffer, calculated on the basis of exposure as of December 31, 2024.
1 For the periods shown, there were no differences between fully loaded and phased-in ratios given that the impact associated with the transitional adjustments is nil.
2 Considering the last official update of the countercyclical capital buffer and systemic risk buffer, calculated on the basis of exposure as of December 31, 2024.
Read more
On April 30, 2024, due to a media report, BBVA published an inside information notice (información privilegiada) stating that it had informed the chairman of the Board of Directors of Banco de Sabadell, S.A. (the "Target Company") of the interest of BBVA’s Board of Directors in initiating negotiations to explore a possible merger between the two entities. On the same date, BBVA sent to the chairman of the Target Company the written proposal for the merger of the two entities. The content of the written proposal sent to the Board of Directors of the Target Company was published on May 1, 2024, by BBVA through the publication of an inside information notice (información privilegiada) with the Spanish Securities and Exchange Commission (hereinafter “CNMV”).
On May 6, 2024, the Target Company published an inside information notice (información privilegiada) informing of the rejection of the proposal by its Board of Directors.
Following such rejection, on May 9, 2024, BBVA announced, through the publication of an inside information notice (información privilegiada) (the "Prior Announcement"), the decision to launch a voluntary tender offer (the "Offer") for the acquisition of all of the issued shares of the Target Company, being a total of 5,440,221,447 ordinary shares with a par value of €0.125 each (representing 100% of the Target Company’s share capital). The consideration initially offered by BBVA to the shareholders of the Target Company consisted of one (1) newly issued share of BBVA for each four and eighty-three hundredths (4.83) ordinary shares of the Target Company, subject to certain adjustments in the case of dividend distribution in accordance with what was indicated in the Prior Announcement.
In accordance with the Prior Announcement of the Offer and as a consequence of the interim dividend against the 2024 financial year results in the amount of €0.08 per share paid by the Target Company to its shareholders on October 1, 2024, BBVA proceeded to adjust the Offer consideration. Therefore, after applying the adjustment in the terms set forth in the Prior Announcement, the consideration offered by BBVA to the shareholders of the Target Company under the Offer was adjusted to one (1) newly issued ordinary share of BBVA for each five point zero one nine six (5.0196) ordinary shares of the Target Company.
Additionally, as a result of the interim dividend against the 2024 financial year results in the amount of €0.29 per share paid by BBVA to its shareholders on October 10, 2024, BBVA proceeded to adjust again the Offer consideration. Therefore, also in accordance with the provisions of the Prior Announcement, the Offer consideration was adjusted to one (1) newly issued ordinary share of BBVA and €0.29 in cash for every five point zero one nine six (5.0196) ordinary shares of the Target Company.
In addition, as a consequence of the final dividend against the 2024 financial year results in the gross amount of €0.1244 per share paid by the Target Company to its shareholders on March 28, 2025, BBVA proceeded to adjust again the Offer consideration. Therefore, after applying the adjustment in the terms set forth in the Prior Announcement, the consideration offered by BBVA to the shareholders of the Target Company under the Offer was adjusted to one (1) newly issued ordinary share of BBVA and €0.29 in cash for every five point three four five six (5.3456) ordinary shares of the Target Company.
Lastly, as a result of the final dividend against the 2024 financial year results in the gross amount of €0.41 per share paid by BBVA to its shareholders on April 10, 2025, BBVA proceeded to adjust again the Offer consideration. Accordingly, in accordance with the provisions of the Prior Announcement, the Offer consideration was adjusted to one (1) newly issued ordinary share of BBVA and €0.70 in cash for every five point three four five six (5.3456) ordinary shares of the Target Company.
Pursuant to the provisions of Royal Decree 1066/2007, of July 27, on the rules governing tender offers ("Royal Decree 1066/2007"), the Offer is subject to mandatory clearance by the CNMV. Additionally, pursuant to the provisions of Law 10/2014 and Royal Decree 84/2015, the acquisition by BBVA of control of the Target Company resulting from the Offer is subject to the duty of prior notification to the Bank of Spain and the obtention of the non-opposition of the European Central Bank (a condition that was satisfied on September 5, 2024, as described below).
In addition, completion of the Offer is also subject to the satisfaction of the conditions specified in the Prior Announcement, in particular (i) the acceptance of the Offer by a number of shares that allows BBVA to acquire at least more than half of the effective voting rights of the Target Company at the end of the Offer acceptance period, excluding the treasury shares that the Target Company may hold at that time, as this condition was amended by BBVA in accordance with the publication of the inside information notice (información privilegiada) dated January 9, 2025, (ii) approval by BBVA’s General Shareholders’ Meeting of the increase of BBVA’s share capital through the issue of new ordinary shares through non-cash contributions in an amount that is sufficient to cover the consideration in shares offered to the shareholders of the Target Company (which condition was satisfied on July 5, 2024, as described below), (iii) the express or tacit authorization of the economic concentration resulting from the Offer by the Spanish antitrust authorities, and (iv) the express or tacit authorization of the indirect acquisition of control of the Target Company’s banking subsidiary in the United Kingdom, TSB Bank PLC, by the United Kingdom Prudential Regulation Authority (“PRA”) (a condition that was satisfied on September 2, 2024, as described below) .
On July 5, 2024, the BBVA’s Extraordinary General Shareholders' Meeting resolved to authorize, with 96% votes in favor, an increase in the share capital of BBVA of up to a maximum nominal amount of €551,906,524.05 through the issuing and putting into circulation of up to 1,126,339,845 ordinary shares of €0.49 par value each to cover the consideration in shares offered to the shareholders of the Target Company. On March 21, 2025, BBVA’s Ordinary General Shareholders’ Meeting approved the renewal of such resolution for its exercise within a one (1) year period from such date.
On September 3, 2024, BBVA announced, through the publication of an inside information notice (información privilegiada), that, on September 2, 2024, it received the authorization from the PRA for BBVA's indirect acquisition of control of TSB Bank PLC as a result of the Offer.
On September 5, 2024, BBVA announced, through the publication of an inside information notice (información privilegiada), that it received the decision of non-opposition from the European Central Bank to BBVA's taking control of the Target Company as a result of the Offer.
On November 12, 2024, BBVA announced, through the publication of Other Relevant Information notice (otra información relevante), that it received the resolution of the Spanish National Markets and Competition authority (CNMC) in which it decided to initiate the second phase of the analysis of the economic concentration resulting from the Offer.
The Offer is subject to approval by the CNMV and to the approval of the economic concentration resulting from the Offer by the Spanish competition authorities. The detailed terms of the Offer will be set out in the prospectus, which was submitted to the CNMV together with the request for the authorization of the Offer on May 24, 2024, and will be published after obtaining the mandatory clearance of the CNMV.
Read more
BBVA has set an ambitious new target of channeling €700 billion in sustainable business for the period 2025-20293. This new target represents more than double the previous target of €300 billion set for the period 2018-20254. The channeling of sustainable business at BBVA includes aspects related to climate change and natural capital (comprising activities linked to water, agriculture and circular economy), as well as the promotion and financing of social initiatives (including social, educational and health infrastructures, etc.; support for entrepreneurs and young companies; and the financial inclusion of the most disadvantaged groups). This channeling includes financial flows linked to activities, customers or products considered sustainable by BBVA. In addition, it is a cumulative concept since it reflects amounts originated since a certain date. Some of these flows are not recorded on the balance sheet (such as the placement of client bonds or guarantees) or have matured.
It is worth noting that the initial target of €300 billion was achieved in December 2024, one year ahead of schedule. The new target, moreover, will be developed in a shorter timeframe (five years compared to eight years in the previous cycle), which strengthens the strategic focus and acceleration of BBVA's sustainable agenda.
Within the framework of this new target, the BBVA Group has channeled an amount of approximately €28.8m in the first quarter of 20255, representing a 55%6 growth. Of this channeling, 78% corresponds to the area of environmental impact and the remaining 22% to the promotion of inclusive growth.
In this first quarter, retail business has been channeled for an amount of around €2.8 billion, with a growth of 85%5. BBVA has developed digital tools aimed at promoting more efficient energy consumption habits among its retail customers. These solutions allow estimating, in an indicative way and based on internal data, the potential savings that could be achieved by adopting energy efficiency measures at home or in transportation. Of particular note was the good performance of channeling related to the acquisition of hybrid or electric vehicles, with nearly €300m.
The corporate business unit has channeled around €10.8 billion in the same period, growing by 58%5. This quarter we have continued to advise corporate clients on sustainable solutions, which allow potential economic savings with a focus on transversal issues, such as energy efficiency, renewal of vehicle fleets or water. It is worth highlighting the financing for natural capital with around €1 billion, where Mexico's contribution is fundamental, as it generates around half of this channeling, especially in the agricultural sector.
CIB has channeled between January and March 2025 around €15.2 billion, representing a growth of 49%5. In the wholesale segment, BBVA has continued to promote the financing of clean technologies and renewable energy projects, as well as confirming linked to sustainability, among other strategic lines. It is worth highlighting the financing of renewable energy projects, which contributed around €600m during the first quarter.
In order to continue promoting transparency in the disclosure of sustainability-related information, and to meet investor demand for clarity, ease of use and consistency of information, the BBVA Group has published two new documents that are now available on the shareholder and investor website:
- Sustainable Business Channeling Guide: Describes the criteria used to identify sustainable products and solutions (eligibility) as well as the criteria for counting them in the channeling Key Performance Indicator (KPI). It has been developed by BBVA and contrasted by a third party with industry best practices.
- ESG Data Pack: Following industry best practices, this report in Excel format is added to the sustainability reporting, the purpose of which is to provide the different stakeholders with access to certain non-financial information regarding 2024, mainly contained in the Non-Financial Information Statement of the BBVA Group.
3 The new Sustainable Business Channeling objective does not include the activity of BBVA Asset Management or the BBVA Microfinance Foundation.
4 The 2029 Objective includes the channeling of financial flows, on a cumulative basis, in relation to activities, clients or products considered sustainable or that promote sustainability in accordance with internal standards inspired by existing regulations, market standards such as the Green Bond Principles, the Social Bond Principles and the Sustainability Linked Bond Principles of the International Capital Markets Association, as well as the Green Loan Principles, Social Loan Principles and Sustainability Linked Loan Principles of the Loan Market Association, existing regulations and best market practices. The foregoing is without prejudice to the fact that such channeling, both initially and at a later point in time, may not be recorded on the balance sheet. For the determination of the amounts of sustainable business channeled, internal criteria are used based on both internal and external information, whether public, provided by customers or by a third party (mainly data providers and independent experts).
5 The products and the eligibility and calculation criteria are described in the Sustainable Business Channeling Guide (link to the report).
6 Growth compared to the same period of the previous year excluding BBVA Asset Management and BBVA Microfinance Foundation activities.
Read more
Business Areas
Click on each area to learn more
Spain
Spain
HIGHLIGHTS
|
RESULTS
| |
| Net interest income | Gross income |
| 1,607 | 2,533 |
| +1.2% (2) | +18.2% (2) |
| Operating income | Net atributable profit |
| 1,717 | 1,024 |
| +29.5% (2) | +43.8% (2) |
ACTIVITY (1)
|
|
| Variation compared 31-12-24. Balances as of 31-03-25. |
|
| Performing loans and advances to customers under management | Customer funds under management |
| +2.9% | -0.3% |
RISKS |
| NPL coverage ratio |
| 59% | 61% |
| NPL ratio |
| 3.7% | 3.5% |
| Cost of risk |
| 0.38% | 0.30% |
(2) Year-on-year changes.
Mexico
Mexico
HIGHLIGHTS
|
RESULTS
| |
| Net interest income | Gross income |
| 2,767 | 3,705 |
| +7.6% (2) | +8.9% (2) |
| Operating income | Net atributable profit |
| 2,561 | 1,332 |
| +7.7% (2) | +7.8% (2) |
ACTIVITY (1)
|
|
| Variation compared 31-12-24. Balances as of 31-03-25. |
|
| Performing loans and advances to customers under management | Customer funds under management |
| +2.0% | +4.7% |
RISKS |
| NPL coverage ratio |
| 121% | 129% |
| NPL ratio |
| 2.7% | 2.4% |
| Cost of risk |
| 3.39% | 3.05% |
(2) Year-on-year changes.
Turkey
Turkey
HIGHLIGHTS
|
RESULTS
| |
| Net interest income | Gross income |
| 701 | 1,267 |
| +193.2% (2) | +85.2% (2) |
| Operating income | Net atributable profit |
| 690 | 158 |
| +130.5% (2) | +219.9% (2) |
ACTIVITY (1)
|
|
| Variation compared 31-12-24. Balances as of 31-03-25. |
|
| Performing loans and advances to customers under management | Customer funds under management |
| +10.5% | +19.6% |
RISKS |
| NPL coverage ratio |
| 96% | 93% |
| NPL ratio |
| 3.1% | 3.2% |
| Cost of risk |
| 1.27% | 1.89% |
(2) Year-on-year changes.
South America
South America
HIGHLIGHTS
|
RESULTS
| |
| Net interest income | Gross income |
| 1,231 | 1,438 |
| -12.4% (2) | +39.0% (2) |
| Operating income | Net atributable profit |
| 803 | 218 |
| +71.6% (2) | +236.2% (2) |
ACTIVITY (1)
|
|
| Variation compared 31-12-24. Balances as of 31-03-25. |
|
| Performing loans and advances to customers under management | Customer funds under management |
| +2.8% | +2.1% |
RISKS |
| NPL coverage ratio |
| 88% | 90% |
| NPL ratio |
| 4.5% | 4.3% |
| Cost of risk |
| 2.87% | 2.30% |
(2) Year-on-year changes.
Rest of business
Rest of business
HIGHLIGHTS
|
RESULTS
| |
| Net interest income | Gross income |
| 191 | 437 |
| +21.7% (2) | +28.3% (2) |
| Operating income | Net atributable profit |
| 236 | 173 |
| +31.5% (2) | +41.8% (2) |
ACTIVITY (1)
|
|
| Variation compared 31-12-24. Balances as of 31-03-25. |
|
| Performing loans and advances to customers under management | Customer funds under management |
| +1.0% | +3.5% |
RISKS |
| NPL coverage ratio |
| 102% | 109% |
| NPL ratio |
| 0.3% | 0.3% |
| Cost of risk |
| 0.17% | 0.16% |
(2) Year-on-year changes.
* Gross income.
(1) At constant exchange rate.
(2) At constant exchange rates.
According to the accumulated results of the business areas by the end of March 2025 and excluding the effect of currencies fluctuation in those areas where it has an impact, in each of them it is worth mentioning:
- Spain generated a net attributable profit of €1,024m, that is 43.8% above the result achieved in the same period of 2024, driven by the recurring revenues from the banking business (net interest income and net fees and commissions).
- BBVA Mexico achieved a cumulative net attributable profit of €1,332m, which represents a growth of 7.8% compared to the same period of the previous year, mainly due to the evolution of the net interest income.
- Turkey generated a net attributable profit of €158m, which compares favorably with the result achieved in the first quarter of the previous year as a result of the good performance of recurring revenues in banking business.
- South America generated a net attributable profit of €218m in the first three months of 2025, which represents a year-on-year variation of +236.2%, derived from a less negative hyperinflation adjustment in Argentina and a better performance of fees and commissions.
- Rest of Business achieved an accumulated net attributable profit of €173m, 41.8% higher than in the same period of the previous year, favored by the evolution of the recurrent revenues and the NTI.
The Corporate Center recorded a net attributable loss of €-208m, which is an improvement compared with the €-339m recorded in the same period of the previous year, mainly due to the favorable evolution of the NTI.
Lastly, and for a broader understanding of the Group's activity and results, supplementary information is provided below for the wholesale business, Corporate & Investment Banking (CIB), carried out by BBVA in the countries where it operates. CIB generated a net attributable profit of €828m7, up 41.5% year-on-year, reflecting the strength of the Group's wholesale businesses, with the aim of offering a value proposition focused on the needs of its customers.
NET ATTRIBUTABLE PROFIT BREAKDOWN (1)
(PERCENTAGE. 1Q25)
(1) Excludes the Corporate Center.
7 The additional pro forma CIB information does not include the application of hyperinflation accounting or the Group's wholesale business in Venezuela.
News
Contact
Shareholder attention line
912 24 98 21
Subscription service
Shareholder Office
Contact email