Economy and Finance

BBVA held an event for investors and analysts this Tuesday to provide further insight into the priorities of its 2025–2029 Strategic Plan. Following the presentation of its financial targets through 2028 in July, the bank is now offering more detail on the levers that will enable it to achieve them. In this session, BBVA focused on companies as a key growth segment and on Mexico, one of its main markets. BBVA’s country manager in Mexico, Eduardo Osuna, noted that the bank expects to consolidate its leadership and accelerate growth in the country through 2029. He also anticipated that technological transformation and artificial intelligence will be decisive in delivering a better customer experience.

BBVA Broker has been recognised for its security and the quality of its customer service in Spain in the first edition of the ‘Estrategias de Inversión’ Awards for the best brokers. In addition, the bank was ranked among the country’s top three brokers in two further categories, best overall broker and best broker for investing in investment funds, following an independent analysis that assessed nearly thirty platforms.

2025 has been an outstanding year for BBVA. The Group delivered a record net attributable profit of €10.511 billion and made significant progress in the execution of its strategy, with the customer at the core. In 2025, BBVA also demonstrated its unique ability to combine growth and profitability in European banking.

BBVA Chair Carlos Torres Vila has addressed shareholders ahead of the Annual General Meeting to be held on March 20 in Bilbao, where “the main milestones of 2025 and the progress in our strategy” will be reviewed. In the video message, he underscored that BBVA will propose a cash dividend of €0.92 per share—“the highest in our history”—in the context of record earnings and after “another excellent year for BBVA,” marked by the combination of growth and profitability.

BBVA México acted as sole bookrunner in Traxión’s recent and successful issuance of Mexican domestic bonds for a total amount of MXN 2.0 billion, marking an important milestone for the company specialized in the autotransportation, mobility and logistics segments in Mexico.

BBVA took part in SAP Concur Day 2026, held this Wednesday, February 18, where speakers explored payment integration, process automation, artificial intelligence, and the ongoing transformation of corporate expense management. The event brought together companies and digitalization experts and used cinema as a narrative thread to highlight the challenges of managing expenses. At the event, BBVA showcased BBVA Pivot—its treasury management platform—and explained how companies can simplify the entire process, from payment through reconciliation, while gaining greater control, efficiency, and financial visibility.

BBVA Mexico acted as Bookrunner in Grupo Bimbo, S.A.B. de C.V.’s recent long-term issuance of Certificados Bursátiles (local bonds) for a total amount of 12 billion pesos. The proceeds will be primarily allocated to debt repayment, as well as to general corporate purposes and operating expenses.

Image generated with Gemini AI

BBVA México, acting as Joint Bookrunner, supported El Puerto de Liverpool, S.A.B. de C.V.,  one of Mexico’s leading retail companies, in the successful issuance of notes for a total amount of US$500 million. The transaction will bear interest at a rate of 5.750% and will mature in 2038, strengthening the company’s financial position.

BBVA Mexico acted as bookrunner in the successful issuance of Development Banking Bonds by Nacional Financiera, S.N.C. (Nafin). The transaction achieved total demand of MXN 11.688 billion with a three-year maturity.

BBVA reported a profit of €10.5 billion in 2025 (+4.5 percent yoy), the highest in its history, mostly driven by core revenues. The BBVA Group stood out for its unique combination of growth and profitability, leading in Europe: lending increased by 16.2 percent (in constant euros) while ROTE reached 19.3 percent. Furthermore, BBVA maintained a solid CET1 capital ratio of 12.7 percent and continued to drive value creation for shareholders, with a tangible book value per share plus dividends growing 15.2 percent¹. In addition, the bank is set to distribute a dividend of €0.92 per share² in cash, the highest ever. This amounts to a total of €5.25 billion³, representing a cash dividend 31 percent higher than that of 2024. Combined with the nearly €4 billion share buyback program announced in December, this represents more than €9.2 billion.

Garanti BBVA announced its financial results for 2025, reporting a net income of TL 111.26 billion. Total assets reached TL 4.55 trillion, and lending stood at TL 3.49 trillion. Customer deposits amounted to TL 3.14 trillion, representing growth of 50 percent over the previous year. Meanwhile, the bank maintained its strong capital position, with a capital adequacy ratio of 17.5¹ percent. Return on average equity (ROAE) reached 29.1 percent and return on average assets (ROAA) was 2.9 percent.

¹Does not include the forbearance introduced by BRSA

As of 1 February 2026, BBVA Germany will move the first customers whose introductory offer is coming to an end to the variable interest model of their free current account. As part of its commitment to long-term remuneration with transparent conditions, the bank is setting the variable interest rate for the first quarter of 2026 at 2.0% p.a. This rate applies until 31 March 2026. The variable long-term interest rate is set for each quarter and communicated to customers in advance.

In an interview on BBVA’s corporate website, the bank’s Chair, Carlos Torres Vila, took stock of 2025, which he described as “a magnificent year, with BBVA in its best moment,” and shared his outlook for 2026. The bank foresees continued growth in all countries and business areas, especially in sustainability and corporate banking, driven by a strategic plan that puts customers clearly at the center. BBVA also reaffirms its ambition to lead banking in the age of artificial intelligence. In this context, the Chair underlined that between 2025 and 2028, BBVA expects to “generate €49 billion in top-quality capital,” which will be used to finance organic growth and shareholder remuneration.

BBVA closed its largest euro-denominated bond issue in the last 20 years on Wednesday. The Group tapped the market with a dual-tranche senior non-preferred debt issue worth €2 billion, which garnered demand three times the amount offered. The first tranche, featuring a three-year maturity, was placed for €750 million, with the final price set at 3-month Euribor plus 55 basis points, compared with a significantly higher initial guidance of 3-month Euribor plus 85 basis points. The second tranche, maturing in 10 years, was placed at €1.25 billion and fetched an initial price of mid-swap plus 100 basis points, versus an initial guidance of mid-swap plus 125 basis points.

Garanti BBVA has signed one of the largest sustainability-linked loan transactions ever extended to a corporate borrower in Türkiye by acting as Sustainability Coordinator throughout the loan tenor of the €1.7 billion financing provided for the Antalya–Alanya Highway Project.

BBVA is to launch on December 22 an extraordinary share buyback program for a maximum amount of €3.96 billion, after obtaining all required authorizations. This is the largest buyback ever carried out by the Group. The program is part of the €36 billion that BBVA expects to make available for distribution to shareholders between 2025 and 2028¹, through both ordinary remuneration and additional distributions, such as this program.

BBVA has successfully completed its €993 million share buyback program, launched on October 31, as part of its ordinary shareholder remuneration for the 2024 financial year. The deal is part of the bank’s strategic plan, which plans to have €36 billion to be returned to shareholders through dividends and share buybacks by 2028. Of this amount, some €13 billion will be distributed in the short term¹.

BBVA’s Chief Executive Officer, Onur Genç, took part this Thursday in the Global Banking Summit hosted by the Financial Times in London. During his address, he remarked that the bank remains firmly focused on delivering its 2025–2029 Strategic Plan, which is built around profitable, organic growth. Along these lines, he pointed to BBVA’s expansion in Europe through its digital banking model in markets such as Italy and Germany. He also noted that the bank is firmly committed to “growing organically in the markets where we already operate.”

The Banker, a magazine of the Financial Times Group, has once again recognized the BBVA Group as ‘The Best Bank in Latin America.’ On this occasion, the British publication, which presented the bank with the same award in 2023, emphasized its leadership in innovation and pioneering approach to sustainability. BBVA also received the award for the Best Bank in Argentina and Peru.

In the image: Pablo Barriuso and Anselmo Andrade, from BBVA UK, receive the award for Best Bank in Latin America.

BBVA celebrated the fourth anniversary of its digital retail bank in Italy, which currently has over 800,000 customers and expects to reach one million in 2026. Since last November, BBVA Italy has increased its customer base by 35 percent, and has multiplied the financing granted to customers eightfold, including 1,800 mortgages. The success of the BBVA Italy model is driving the Group’s organic growth strategy across the rest of Europe, as CEO Onur Genç explained at a meeting with the media at the bank’s new offices in Milan. “Our priority is to consolidate our progress and ensure sustainable long-term growth: expanding our presence in key financial products, such as investments, and continuing to attract customers from traditional banks seeking a more modern experience”, Genç said.

BBVA in Italy reaffirms its commitment to meeting the real needs of its customers with two initiatives designed to make one of the year’s busiest spending periods even more rewarding: Great Cashback, which gives back up to €50 on purchases, and the current account offering 3% gross interest, allowing customers to grow their savings without giving up flexibility. A double benefit that enables people to spend smartly and grow their liquidity as Black Friday and the holiday season approach.

BBVA Research reinforces its commitment to innovation applied to economic analysis with the addition of a new section on Big Data and Artificial Intelligence (AI) to its website.

BBVA announced it is opening an office in Panama to offer additional savings and investment options to Colombians living abroad. The bank will offer US-dollar savings accounts starting at $1,000, along with fixed-term deposits that provide some of the most competitive returns in the market. For high-net-worth clients, its Wealth division will provide wealth management services and comprehensive advisory support, complemented by access to the global network of solutions BBVA already offers in the United States, Spain, and Switzerland.

BBVA Asset Management is expanding its alternative investment offering with the launch of BBVA Open to Partners Group Mercados Privados IX, FIL. This is the first Spanish multi-strategy open-ended private-markets fund, giving BBVA Private Banking clients ongoing, exclusive access to a global and diversified portfolio of funds managed by Partners Group —a global private-markets specialist with more than 20 years of experience in managing evergreen structures.

On Friday, November 7, BBVA shareholders will receive a gross interim cash dividend of €0.32 per share against 2025 earnings, 10 percent higher than the previous year. This is the highest interim dividend in BBVA’s history. In total, the bank will distribute €1.84 billion in cash to its shareholders.

BBVA placed €1 billion in a contingent convertible bond (known as CoCo or AT1) in euros this Monday, with demand reaching more than €5.250 billion. The issue price was set at 5.625 percent, significantly lower than the initial price guidance of 6.125 percent.

This Friday, October 31, BBVA is starting the €993 million share buyback program announced earlier this year, which had been pending execution. This buyback is part of the bank’s ordinary shareholder distribution for the 2024 financial year and contributes to the €13 billion BBVA plans to return to shareholders in the short term (€36 billion between 2025 and 2028) in dividends and share buybacks¹.