Equity analysts

Analysts consensus

The information contained herein either has been provided by analyst or is available to the public and BBVA make no representation or warranty, express or implied, as to the accuracy or completeness of the referred information.

BBVA reserves the right to modify or supplement the information provided without prior notice.

This data, that is not under the obligation to disclose information required by the Comisión Nacional del Mercado de Valores (CNMV), is provided as a courtesy and for convenience and informational purposes only and is not intended to imply any endorsement of or provide any investment advice.

BBVA shall have no liability whatsoever (in negligence or otherwise) for any damage or loss howsoever arising from any use of this information.

Consensus of estimated annual results

Consolidated

Consensus (EUR m) (*)	2020	2021	2022
Net Interest Income	16,779	16,447	16,826
Gross Income	22,875	22,165	22,708
Operating Income	11,992	11,226	11,494
Net Attributable Profit excl. goodwill impairment in BBVA USA	2,150	2,616	3,373
Goodwill impairment in BBVA USA	-2,084	-	-
BIS3 FL CET1 (%)	11.45	11.61	11.70

(*) This consensus does not include the capital gain announced by Relevant Event on April 27th of the JV with Allianz in Spain (+300 Mn€). It includes the estimates of 18 analysts. Updated as of September 8th, 2020.

Business areas

Net Attributable Profit (EUR m) (*)	2020	2021	2022
Spain	535	896	1,108
The United States	214	283	450
Turkey	474	410	460
Mexico	1,235	1,432	1,733
South America	347	405	484
Rest of Eurasia	123	120	128
Corporate Center (**)	-796	-960	-973

(*)This consensus does not include the capital gain announced by Relevant Event on April 27th of the JV with Allianz in Spain (+300 Mn€). It includes the estimates of 16 analysts. Updated as of September 8th, 2020. (**) -2,880 Mn€ in 2020 including the goodwill impairment in BBVA USA (-2,084 Mn€)

Equity analysts

To our best knowledge, the following analysts and companies follow BBVA on a regular basis. BBVA takes no responsibility for their opinions.

Company	Analyst
Alantra Equities	Francisco Riquel
Autonomous Research	Britta Schmidt
Banco Sabadell	María Paz Ojeda
Bankinter	Rafael Alonso
Barclays	Fernando Gil De Santivañes
Berenberg	Andrew Lowe
BofA-ML	Marta Sánchez
CaixaBank BPI	Carlos Joaquim Peixoto
Citigroup	Stefan Nedialkov
Credit Suisse	Jon Peace
Deutsche Bank	Flora Benhakoun
Exane BNP Paribas	Ignacio Ulargui
Fidentiis	Mario Ropero
Goldman Sachs	Jermej Omahen
GVC Gaesco	Marisa Mazo
HSBC	Domenico Santoro
JB Capital	Maksym Mishyn
Jefferies	Benjie Creeland-Sandford
JP Morgan	Sofie Peterzéns
KBW	Daragh Quinn
Kepler Cheuvreux	Mariano Miguel Hidalgo
Mediobanca	Andrea Filtri
Morgan Stanley	Álvaro Serrano
Morningstar	Johann Scholtz
Norbolsa	Nagore Díez
Oddo	Steven Gould
RBC	Benjamin Toms
Redburn	Gonzalo López
Renta 4	Nuria Álvarez
Santander	José Coll
Société Générale	Carlos Cobo
UBS	Ignacio Cerezo

Analyst recommendations

Including equity analyst recommendation on BBVA.

Analyst recommendations

Company	Recommendation	P.O.	Date
Alantra Equities	SELL	2.95	07/30/2020
Autonomous	HOLD	3.36	07/21/2020
Bankinter	HOLD	3.10	07/30/2020
Barclays	BUY	3.70	08/03/2020
Berenberg	SELL	2.50	03/25/2020
BoAML	SELL	2.50	04/06/2020
Caixabank BPI	HOLD	3.50	07/02/2020
Citigroup	BUY	3.70	07/31/2020
Credit Suisse	SELL	2.50	07/31/2020
Deutsche Bank	BUY	4.00	07/31/2020
Exane BNP Paribas	BUY	4.30	04/30/2020
Fidentiis	BUY	3.83	08/11/2020
Goldman Sachs	BUY	3.44	08/07/2020
GVC Gaesco	BUY	3.19	04/22/2020
HSBC	HOLD	2.70	09/16/2020
JB Capital	HOLD	3.40	04/14/2020
Jefferies	HOLD	2.54	09/01/2020
JP Morgan	HOLD	3.70	05/07/2020
Keefe B&W	SELL	3.35	07/30/2020
Mediobanca	HOLD	3.10	07/31/2020
Morgan Stanley	HOLD	3.40	05/04/2020
Morningstar	HOLD	4.00	08/05/2020
Norbolsa	HOLD	2.84	05/25/2020
Oddo	SELL	2.80	30/07/2020
RBC	BUY	3.10	08/13/2020
Redburn	SELL	2.10	09/16/2020
Renta 4	HOLD	3.98	07/22/2020
Sabadell	SELL	3.34	04/06/2020
Santander	BUY	4.70	06/22/2020
Societe Generale	SELL	2.40	07/31/2020
UBS	HOLD	2.75	09/14/2020

The information contained herein either has been provided by analyst or is available to the public and BBVA make no representation or warranty, express or implied, as to the accuracy or completeness of the referred information.

BBVA reserves the right to modify or supplement the information provided without prior notice.

BBVA shall have no liability whatsoever (in negligence or otherwise) for any damage or loss howsoever arising from any use of this information.

Consensus of estimated annual results

Consolidated

Consensus (EUR m) (*)	2020	2021	2022
Net Interest Income	16,779	16,447	16,826
Gross Income	22,875	22,165	22,708
Operating Income	11,992	11,226	11,494
Net Attributable Profit excl. goodwill impairment in BBVA USA	2,150	2,616	3,373
Goodwill impairment in BBVA USA	-2,084	-	-
BIS3 FL CET1 (%)	11.45	11.61	11.70

Business areas

Net Attributable Profit (EUR m) (*)	2020	2021	2022
Spain	535	896	1,108
The United States	214	283	450
Turkey	474	410	460
Mexico	1,235	1,432	1,733
South America	347	405	484
Rest of Eurasia	123	120	128
Corporate Center (**)	-796	-960	-973

Updated page 18 September 2020

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Equity analysts

Analysts consensus

The information contained herein either has been provided by analyst or is available to the public and BBVA make no representation or warranty, express or implied, as to the accuracy or completeness of the referred information.

Consensus of estimated annual results

Consolidated

Business areas

Equity analysts

To our best knowledge, the following analysts and companies follow BBVA on a regular basis. BBVA takes no responsibility for their opinions.

Analyst recommendations

Including equity analyst recommendation on BBVA.

Analyst recommendations

The information contained herein either has been provided by analyst or is available to the public and BBVA make no representation or warranty, express or implied, as to the accuracy or completeness of the referred information.

Consensus of estimated annual results

Consolidated

Business areas

Content

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