Banco Bilbao Vizcaya Argentaria (BBVA) Q4 2024 earnings summary

Executive summary

• Achieved record net attributable profit of €10.1 billion in 2024, up 28% year-over-year, with ROTE at 19.7% and EPS up 28%.

• Loan portfolio expanded by 14.3%, with 11.4 million new customers and €99 billion in sustainable business mobilized.

• Tangible book value per share plus dividends grew 17.2% despite currency headwinds; return on tangible equity reached 19.7%.

• Distributed €5 billion to shareholders, including a €0.70 per share cash dividend and a €993 million share buyback, as regulatory restrictions were lifted.

• Outperformed European peers in value creation, profitability, and efficiency.

Financial highlights

• Net attributable profit grew 25% year-over-year, doubling results in three years.

• EPS increased to €1.68, up 28% year-over-year, aided by share buybacks.

• Gross income reached €35.5 billion, up 25%, and operating income was €21.3 billion.

• Efficiency ratio improved to 40%, among the best in Europe.

• CET1 ratio at 12.88%, with 21 bps year-over-year increase despite strong loan growth.

Outlook and guidance

• 2025 group ROTE expected in the high teens, efficiency ratio around 40%.

• Spain: Loan growth to outperform market at low- to mid-single digits; NII to decline slightly but supported by hedges and ALCO portfolio.

• Mexico: High single-digit loan growth expected; NII to grow slightly below activity; efficiency ratio to remain at 30%.

• Turkey: Net profit near €1 billion in 2025, with improving spreads and lower hyperinflation adjustment.

• South America: Loan growth above 2024, lower cost of risk, and higher group contribution anticipated.