BBVA's second quarter 2022 results were warmly received by the market. After the figures were released, the bank's shares rose 6% in trading on Friday, July 29. Earnings outperformed analysts' consensus estimate by 77%.

BBVA Mexico’s Annual Meeting of Regional Advisors (RNCR 2022) is a forum where leading BBVA Group executives present and discuss the bank’s performance, projects and future challenges. The meeting provides an opportunity for dialogue on the international context and political situation of the country.

The Bank Insurance & Securities Association (BISA) has reaffirmed its 2021 Board of Directors, and Veronica Rink will serve her second year of her three-year term, the association announced. In addition, Rink will continue to serve on the organization's Membership Committee as well as other initiatives and task forces.

BBVA Chairman Carlos Torres Vila and CEO Onur Genç will not collect their variable remuneration for 2020 as a gesture of responsibility in a year marked by the COVID-19 pandemic, as detailed in the annual remuneration report for BBVA directors. The decision is also a sign of their commitment to their customers, shareholders, employees and society as a whole. Additionally, the bank has updated its remuneration policy for the next three years (2021, 2022 and 2023), which will be presented for approval at the Annual General Meeting.

Carlos Torres Vila, Chairman:

BBVA earned €1.32 billion between October and December, its highest quarterly result over the past two years. In 2020 BBVA helped three million clients affected by the pandemic, with about €63 billion in government-backed credit lines and loan deferrals. The sale of the U.S. subsidiary will provide some €8.5 billion in capital to grow in a profitable way across its footprint and increase shareholder distributions. BBVA will make a gross cash payment of €0.059 per share against 2020 earnings, and expects to resume its shareholder distribution policy in 2021 with a payout of 35-40 percent of profits. Additionally, the bank is targeting a buyback of about 10 percent of the Group’s shares, after the close of the sale of the U.S. franchise. All this subject to market conditions and the required approvals.

BBVA earned €1.14 billion in the third quarter of 2020. It is the best quarterly result of the year and far exceeds the figure for 2Q20 (+79.5 percent in current euros, +83.4 percent at constant rates). Compared to the same period a year earlier, the 3Q20 result is 6.8 percent lower (+4.1 percent at constant rates). The strength of recurring revenues and cost containment efforts drove quarterly operating income to grow 13.5 percent yoy at constant exchange rates. In a challenging context marked by the pandemic, BBVA has shown a solid capacity to generate capital, with risk indicators having a positive performance. BBVA’s quarterly results also beat market expectations by 48 percent, as analysts’ consensus expected a result of €773 million.

Onur Genç, BBVA CEO:

BBVA chairman gave the opening presentation at the national meeting of regional bank directors in Mexico today. This year, the meeting took place virtually, where the chairman reaffirmed the group’s commitment to the country. “Mexico will continue to play a fundamental role in our bank’s results thanks to our leading position and the strength of our business model in the country,” he said.

On the occasion of the United Nations’ 75th anniversary, Garanti BBVA signed the Declaration of Business Leaders, sealing its commitment towards creating a fairer, more sustainable and more inclusive world, as well as to take on current global challenges.

In a presentation for investors organized by Bank of America (BoFA) and in which BBVA CEO took part this morning, BBVA raised the Group’s guidance for 2020, thanks mostly to an improvement in its business activity in Mexico. At Group level, recurring revenues in constant euros will grow in 2H20 compared to the previous half of the year thanks to a recovery in new retail loan production and focus on price management. Furthermore, BBVA expects to beat its expectations regarding cost reductions for 2020, and improves its cost of risk expectations for 2020, to a range between 1.5 and 1.6 percent in cumulative terms for the year, thanks to a better performance in Mexico. The Group plans to close 2020 with a fully-loaded CET1 capital ratio above the target range. BBVA’s intention is to resume dividend payments once the existing supervisory recommendation is eliminated and COVID-19 uncertainties dissipate.

Analyst firm reports for the most part agree that BBVA presented solid numbers for the second quarter of 2020 and particularly stress the positive quarterly performance of its capital ratio.

BBVA USA Indirect Auto Executive Melissa Sacher was named to American Banker’s Most Powerful Women in Banking: Next. Now in its second year, the list recognizes the accomplishments of women age 40 and under in the banking industry.

Onur Genç, BBVA CEO:

Turkey’s Garanti BBVA announced its financial results for the first half of the year. Based on the consolidated financials, the bank’s net income in the first six months of the year totaled TL 3.33 billion (approximately €407.61 million). Asset size reached TL 486.67 billion and the bank’s contribution to the economy through cash and non-cash loans was TL 367.14 billion. Actively managing the funding base, deposits continued to be the main source of funding, with 63 percent of assets funded through deposits. The total deposit base reached TL 306.88 billion with 11 percent growth in the first six months of the year. Preserving its strong capital position, the bank’s capital adequacy ratio stood at at 17.4 percent.* The bank’s ROAE (Return on Average Equity) was 13.1 percent and ROAA (Return on Average Assets) was 1.6 percent.

Simple, a subsidiary of BBVA USA, today announced the addition of Carrie Roso to the company’s corporate leadership team. Roso will serve as Director of Marketing for the fintech.

BBVA’s entire branch network in Spain is now operational after the bank reopened the last of the branches that had closed because of the COVID-19 health crisis. The branches will follow strict safety measures, and BBVA is relying on its appointment system—a service that was already available to customers but which is more important than ever—to encourage compliance with health guidelines and provide a better customer experience by cutting waiting times. BBVA Chairman Carlos Torres Vila visited a branch in Madrid to see how employees are handling this phase of the pandemic.

BBVA’s recurring revenues (net interest income and net fees and commissions) grew strongly during the first quarter and the operating income was the highest of the past ten years. Also, the attributable profit absorbed the provisions established to anticipate the impact of the COVID-19 crisis. According to BBVA Group Executive Chairman Carlos Torres Vila, “the recurrence of our profits before provisions and our solid capital and liquidity position allow us to face the crisis from a position of strength and to front-load in this first quarter the provisions to hedge against the impact of the pandemic”.

Garanti BBVA founded SALT in 2011 as an autonomous non-profit entity devoted to the dissemination of culture and the development of independent and sustainable content production environments.