BBVA CIB posts revenues of €6.351 billion through September 2026
The Group’s wholesale banking division closed September with strong performance, driven by a 21% year-on-year increase in revenues (at constant euros, excluding the accounting impact of the hyperinflation adjustment). All business units contributed to this performance, posting double-digit growth: Global Markets (GM), +18%; Global Transaction Banking (GTB), +21%; and Investment Banking & Finance (IB&F), +34%. Loan book increased by 32% compared with December 2025, with significant contributions from Project Finance and Corporate Lending in Asia and the United States, as well as from the transaction banking business. Meanwhile, attributable profit reached €1.044 billion in the third quarter and stood at €3.082 billion at the end of September 2026, representing a year-on-year increase of 19% at constant euros.
BBVA Corporate & Investment Banking (CIB) maintained the growth trajectory recorded in recent years through September 2026, with revenues of €6.351 billion, up 21% compared with the same period of the previous year. Attributable profit also reached €3.082 billion, a 19% increase compared with the same period in 2025.
Business unit performance
Global Markets maintained a solid growth trajectory during the first nine months of 2026, supported by client activity and the strength of its main business lines. Equity delivered strong results and reached record levels of client activity, particularly in Asia and the United States. Rates posted positive performance despite an environment of heightened volatility and rising sovereign risk premiums. In Latin America, the unit continues to invest in strengthening its operational and product capabilities in Brazil and expanding its range of client solutions across the other countries in the region. Foreign Exchange (FX) maintained its contribution to growth, benefiting from opportunities generated by movements in currency markets. In Credit, strong activity in primary markets, together with the growing contribution from derivatives and securities financing businesses, reinforced the franchise’s diversification and its ability to offer investment, financing and hedging solutions.
Global Transaction Banking (GTB) closed the first nine months of 2026 with cumulative revenues of €2.484 billion, up 21% year-on-year. In the third quarter, the unit recorded record levels in both net interest income, supported by interest rate increases in Europe, and fees, driven by foreign trade activity, against a still challenging macroeconomic backdrop. Balance sheet volumes once again reached record levels across the main categories (loans, deposits and guarantees), also supported by the geographical diversification of the business. During this period, GTB maintained a high level of activity with corporate and institutional clients, particularly in the technology, consumer and energy sectors. The unit continues to stand out for its efficiency compared with its peers.
Investment Banking & Finance (IB&F) recorded revenues of €1.548 billion during the first nine months of 2026, up 34% compared with the same period of the previous year. This strong performance was supported by Corporate Lending activity in Spain, Europe, the United States, Mexico and Asia, as well as solid growth in Project Finance. In the United States, transactions related to liquefied natural gas (LNG) and data center financing stood out, while in continental Europe, growth was mainly supported by the development of digital infrastructure and activity in the real estate sector.
Within this unit, Export & Agency Finance recorded cumulative growth of more than 70% during the year, driven mainly by the contribution of the institutional segment and activity with multilateral organizations globally, as well as a significant increase in activity in Asia.
Meanwhile, Corporate Finance continued to strengthen its market positioning through its leadership in significant transactions and strong origination activity, which contributed to solid results in a challenging market environment.
Diversification across segments, sectors and geographies
BBVA CIB’s performance during the first nine months of the year was supported by positive results across its different client segments. Revenues in the corporate segment increased by around 18% year-on-year, with a particularly significant contribution from TMT, which grew by more than 25%, and double-digit growth in the Energy, Industrial and Construction sectors. Meanwhile, the institutional business grew by around 35% year-on-year, with increases of more than 25% across all sectors, particularly Insurance and the Public Sector.
The cross-border business maintained its solid expansion trajectory, growing by around 19% compared with the same period of the previous year, and now accounts for 38% of CIB’s total client business. This performance was supported by BBVA CIB’s positioning in high-value-added products such as Project Finance, M&A and other structured finance solutions.
By geography, cross-border activity in the United States stood out, with particularly significant contributions from Corporate Syndications, Global Trade Finance and Structured Finance. This positive performance also extended to the United Kingdom, where institutional business activity was particularly noteworthy, along with the growing importance of the business corridor originating in the United States, which strengthened the franchise’s international presence and its ability to identify new business opportunities.
Sustainability as a business driver
As of the end of September 2026, BBVA CIB channeled slightly more than €60 billion in sustainable business, representing a 16% increase compared with the same period of the previous year.
During this period, BBVA CIB maintained its commitment to financing clean technologies (cleantech), renewable energy projects and solutions such as sustainability-linked confirming, among other strategic priorities.
Within this area, Project Finance activity stood out, particularly in renewable energy, reaching €6.5 billion, with especially significant contributions from Europe and the United States.
Industry recognition for BBVA CIB
BBVA CIB received new international recognition for its activity in foreign exchange markets and structured products. At the 2026 Euromoney Foreign Exchange Awards, the bank was named Latin America's Best FX Bank for Emerging Currencies, as well as Best FX Bank in Spain, Colombia and Turkey. These awards highlight its knowledge of local markets and the capabilities of its global foreign exchange platform.
These distinctions were complemented by four awards received by BBVA at the 2026 SRP Americas Awards. The BBVA ePricer platform was named Best Single-Issuer Platform for the second time in three years, while the bank also received the Best Regulation S Provider award in the United States, along with Best House, Mexico and Best Performance, Mexico. These awards highlight the development of BBVA’s structured products business in Mexico and the evolution of its digital Investment Solutions platform, which is increasingly incorporating artificial intelligence to enhance the client experience.