BBVA CIB closes the first half of 2026 with record revenues of €4.251 billion

BBVA Corporate & Investment Banking (CIB) consolidated the growth trajectory achieved in recent years during the first half of 2026, posting revenues of €4.251 billion, up 24% compared with the same period of the previous year. Attributable profit reached €2.054 billion, a 21% increase versus the first half of 2025, reflecting the strength of a diversified business model and its strong earnings generation capacity.

Performance by business units

Global Markets (GM) delivered a record first half, supported by client activity across all geographies and products. Equity led the semester with record results, driven by stronger demand for investment and financing solutions and the development of new capabilities. FX maintained positive performance, supported by strong commercial momentum and client demand for hedging solutions despite limited market volatility, while Rates delivered solid results, underpinned by the strength of its commercial franchise and the strong performance of Mexico within emerging markets. In Credit, robust activity in both primary and secondary markets, together with the significant contribution from the credit derivatives business, strengthened BBVA’s ability to provide financing and risk management solutions to its clients.

Global Transaction Banking (GTB) extended the strong performance recorded since the beginning of the year. Revenues reached €1.602 billion, up 21% year-on-year, driven by growth in both net interest income (+22%) and fees (+19%), against a macroeconomic and financial backdrop that remained marked by uncertainty. The unit maintained high levels of activity, supported by the geographical diversification of its revenue sources and record loan, deposit and guarantee volumes. During the first six months of the year, GTB continued to strengthen its relationships with corporate and institutional clients through landmark transactions in the technology, consumer and energy sectors, aimed at optimizing supply chains. Strong revenue growth and the resilience of its business model enabled the unit to maintain one of the best efficiency ratios in the industry.

Investment Banking & Finance (IB&F) reached record levels of activity in the first half of the year, generating revenues of €1.013 billion, up 41% compared with the same period of the previous year. This performance was supported by the strong performance of Corporate Lending in the United States, Mexico and Europe, as well as by the continued momentum of Project Finance. In the United States, activity was mainly driven by the liquefied natural gas (LNG) and data center sectors, while in continental Europe it was supported by the development of digital infrastructure. Corporate Finance further strengthened its market position through its leadership in landmark transactions and strong origination capabilities, delivering solid results despite a challenging market environment.

Diversification across segments, sectors and geographies

Growth was evenly distributed across business segments and geographies. Revenues in the corporate segment increased by around 18% year-on-year, with particularly strong performance in TMT, growing by more than 30%, and double-digit growth in the Energy and Industrial sectors. In the institutional business, growth was around 40% year-on-year, with all sectors posting growth of more than 25%, led by Insurance and the Public Sector.

The international dimension of the franchise continued to gain momentum during the first half of the year. Cross-border business accounted for 36% of CIB’s total business and grew around 21% compared with the same period of the previous year, driven mainly by increased activity with Asian and American clients. Mexico, Spain and the United States remained the main destinations for international investment.

This performance was also reflected in structured finance, with Project Finance growing and in the adoption of Global Trade Finance solutions, in line with clients’ international expansion. Within this cross-border activity, the institutional business grew around 30%, with a particularly significant contribution from the United States and Spain.

Sustainability as a business driver

Between January and June 2026, BBVA CIB channeled more than €42 billion in sustainable business, representing a 29% increase compared with the same period of the previous year.

BBVA CIB continued to promote the financing of clean technologies (cleantech), renewable energy projects and solutions such as sustainability-linked confirming, among other strategic priorities.

During the first half of the year, Project Finance activity stood out, particularly in renewable energy projects, reaching €4.3 billion, with especially significant contributions from Europe and the United States.

Industry recognition for BBVA CIB

During the second quarter of 2026, BBVA CIB received new recognition from some of the industry's leading specialist publications. Euromoney named BBVA Best Investment Bank for DCM and Best Investment Bank for Securities Services in Spain, while GlobalCapital recognized the bank as Emerging Force in Corporate Bonds at a global level.

In the Global Transaction Banking business, Global Finance recognized BBVA as Best Bank for Long-term Liquidity Management in Latin America. The publication also named BBVA Best Bank for Cash Management in Spain, Argentina, Mexico, Peru, Venezuela and Turkey. In addition, it recognized BBVA as Best Sub-Custodian Bank in Spain and Peru.

Meanwhile, the SRP Asia Pacific Awards named BBVA Best Rising Issuer APAC 2026.