• Balanced investment growth in the first nine months
  • Good performance of recurring income and NTI
  • Significant improvement in the efficiency ratio
  • Excellent net attributable profit in the quarter

Business activity (1)

(1) Excluding repos.

Net interest income/ AVERAGE TOTAL ASSETS

Operating income
(Millions of euros at constant exchange rate)

(1) At current exchange rate: +47.1%.

Net attributable profit (LOSS)
(Millions of euros at constant exchange rate)

(1) At current exchange rate: +64.7%.

Financial statements and relevant business indicators (Millions of euros and percentage)

Income statement Jan.-Sep. 22 ∆% ∆% (1) Jan.-Sep. 21 (2)
Net interest income 5,921 38.3 23.9 4,280
Net fees and commissions 1,174 30.7 17.0 898
Net trading income 324 27.9 14.5 253
Other operating income and expenses 336 165.2 137.4 127
Gross income 7,754 39.5 24.9 5,558
Operating expenses (2,470) 25.7 12.5 (1,966)
Personnel expenses (1,117) 30.9 17.2 (853)
Other administrative expenses (1,062) 22.0 9.2 (871)
Depreciation (291) 20.3 7.7 (242)
Operating income 5,284 47.1 31.7 3,592
Impairment on financial assets not measured at fair value through profit or loss (1,277) 18.7 6.3 (1,075)
Provisions or reversal of provisions and other results (45) n.s. n.s. 18
Profit (loss) before tax 3,962 56.4 40.0 2,534
Income tax (998) 35.8 21.6 (735)
Profit (loss) for the period 2,964 64.7 47.5 1,799
Non-controlling interests (1) 62.6 45.6 (0)
Net attributable profit (loss) 2,964 64.7 47.5 1,799
  • (1) At constant exchange rate.
  • (2) Restated balances. For more information, please refer to the “Business Areas” section.
Balance sheets 30-09-22 ∆% ∆% (1) 31-12-21
Cash, cash balances at central banks and other demand deposits 16,580 27.7 8.4 12,985
Financial assets designated at fair value 44,091 25.5 6.5 35,126
Of which: loans and advances 1,265 51.4 28.5 835
Financial assets at amortized cost 85,836 31.4 11.5 65,311
Of which: loans and advances to customers 73,530 31.8 11.8 55,809
Tangible assets 1,993 15.2 (2.3) 1,731
Other assets 3,596 21.8 3.3 2,953
Total assets/liabilities and equity 152,096 28.8 9.3 118,106
Financial liabilities held for trading and designated at fair value through profit or loss 30,801 55.2 31.7 19,843
Deposits from central banks and credit institutions 7,319 124.0 90.1 3,268
Deposits from customers 76,623 19.7 1.6 64,003
Debt certificates 8,511 6.6 (9.5) 7,984
Other liabilities 19,206 21.7 3.3 15,779
Regulatory capital allocated 9,637 33.3 13.1 7,229
Relevant business indicators 30-09-22 ∆% ∆% (1) 31-12-21
Performing loans and advances to customers under management (2) 74,199 32.7 12.6 55,926
Non-performing loans 2,017 5.0 (10.9) 1,921
Customer deposits under management (2) 75,530 19.2 1.2 63,349
Off-balance sheet funds (3) 40,251 24.3 5.5 32,380
Risk-weighted assets 80,491 24.7 5.8 64,573
Efficiency ratio (%) 31.9 35.3
NPL ratio (%) 2.5 3.2
NPL coverage ratio (%) 133 106
Cost of risk (%) 2.57 2.67
  • (1) At constant exchange rate.
  • (2) Excluding repos.
  • (3) Includes mutual funds, customer portfolios and other off-balance sheet funds.

Macro and industry trends

Economic growth has picked up during the first half of 2022, mainly due to the good performance of domestic demand. GDP growth will be around 2.0% in the year, according to BBVA Research (unchanged from the previous forecast). It is also expected that growth will moderate significantly going forward and GDP will expand by 0.6% in 2023 (1 percentage point less than the previous forecast). The slowdown in the United States economy and the high inflation (around 8.0% in 2022 and 5.9% in 2023, on average) will foreseeably contribute to the slowdown in economic growth. This may require Banxico to raise interest rates to around 10.75% in the coming months.

With regards to the banking system, based on July 2022 data, lending volumes grew by 10.9% in the past year, at similar growth rates in the main portfolios: housing credit (+11.1%), consumer credit (+13.2%), and corporate credit (+11.7%) while deposits (demand and time deposits) increased by 9.6% year-on-year. The NPL ratio in the system decreased to 2.34% in July 2022 and capital indicators are within comfortable levels.

Unless expressly stated otherwise, all the comments below on rates of change, for both activity and results, will be given at constant exchange rate. These rates, together with changes at current exchange rates, can be found in the attached tables of financial statements and relevant business indicators.


The most relevant aspects related to the area's activity during the first nine months of 2022 were:

  • Lending activity (performing loans under management) grew 12.6% between January and September 2022, with growth in the wholesale portfolio slightly above that of the retail portfolio. The wholesale portfolio, which includes larger companies and the public sector, recorded a growth of 12.2%, due to commercial efforts to attract and retain new customers. For its part, the retail segment accelerated its rate of growth to 11.4%. Within this segment, consumer loans (+13.3%), mortgage loans (+8.9%), and SMEs (+16.7%) stood out. The aforementioned has supported a stable composition in lending activity, where approximately half of the investment is located in each of the portfolios.
  • Customer deposits under management increased in the first nine months of 2022 (+1.2%). This performance is explained by both the growth in time deposits (+6.7%) and demand deposits (+0.1%). For its part, off-balance sheet funds grew at a rate of 5.5% between January and September 2022.

The most relevant of the evolution of the area's activity in the third quarter of 2022 has been:

  • Lending activity increased by 3.1% in the quarter, with growth in the retail segment (+3.9%) showing greater dynamism in demand (mainly in consumer loans, mortgage loans and credit cards) above the wholesale segment (+2.1%) where corporate banking and loans to developers stood out.
  • With regard to the asset quality indicators, the NPL ratio stood at 2.5% at the end of September, which represents an improvement of 28 basis points in the quarter, as a result of a generalized increase in activity, with a decrease in non- performing loans due to the good performance of wholesale recoveries and repayments. For its part, the NPL coverage ratio recorded a significant improvement in the quarter and stood at 133% at the end of September.
  • Total funds under management remained stable in the quarter (-0.4%) with growth in mutual funds and reduction in customer deposits explained by the withdrawal of balances from a wholesale customer.


In Mexico, BBVA achieved a net attributable profit of €2,964m between January and September 2022, representing an increase of 47.5% compared to the first nine months of 2021, mainly as a result of the dynamism of the net interest income. In the lower part of the statement, a contained loan-loss provisions and an increase in operating expenses were recorded, which were offset by the good performance of recurring income.

The most relevant aspects of the year-on-year changes in the income statement at the end of September 2022 are summarized below:

  • Net interest income increased by 23.9%, mainly as a result of the higher volume of customer portfolio loans and the improvement in the customer spread, supported by the successive rate hikes accumulated by the central bank (375 basis points so far this year).
  • Net fees and commissions increased by 17.0% thanks to the higher level of transactions, especially on credit cards, as well as those arising from mutual funds management.
  • NTI increased by 14.5% year-on-year, mainly due to the excellent results of the Global Markets unit.
  • The other operating income and expenses line recorded a year-on-year growth of 137.4%, due to higher results of the insurance business.
  • Operating expenses increased (+12.5%), mainly due to higher personnel expenses, impacted by the employee internalization process carried out in the second half of 2021. General expenses also increased, in an environment of rising prices where certain expenses are indexed to inflation, as well as by higher marketing and technology expenses. Notwithstanding the above, there was significant improvement of 351 basis points in the efficiency ratio, which stood at 31.9% compared to 35.4% recorded twelve months earlier.
  • Increase in the impairment on financial assets line (+6.3%), due to higher loan loss-provisions in the retail portfolio. As a result of the above, the cumulative cost of risk at the end of September 2022 stood at 2.57%, in line with the previous quarter.
  • Provisions and other results showed an unfavorable comparison, mainly due to provisions for commitments with personnel.

In the quarter, excluding the exchange rate effects, BBVA Mexico generated a net attributable profit of €1,092m, a growth of 4.7% compared to the previous quarter. This result was driven by the good performance of recurring revenue items (+9.4%), especially, net interest income, which benefited from the improved customer spread.