BBVA successfully completed the share buyback program launched on October 2, which reached €1 billion. Under the program, the bank repurchased a total of 127,532,625 shares at an average price of €7.84. The buyback has the consideration of extraordinary shareholder distribution, which means that it is in addition to BBVA's shareholder distribution policy of between 40 and 50 percent of the bank's earnings.
BBVA executed the buyback on the back of its robust capital position (with a fully loaded CET1 ratio of 12.73 percent as of September), and in line with its commitment to sustain attractive shareholder distribution.
The buyback was implemented through the purchase of three million shares per day, until the total amount of €1 billion was achieved. In total, BBVA bought back 127.5 million shares, equivalent to 2.14 percent of its share capital, at an average price of €7.84.
This is the third share buyback the company has undertaken in the past two years. On April 21, 2023, the bank executed a buyback in the amount of €422 million, as part of the ordinary shareholder distributions for 2022. Previously, on August 19, 2022, BBVA completed another extraordinary share buyback program, amounting to €3.16 billion.
Prior to initiating the buyback programs, BBVA had 6,668 million outstanding shares. As of today, this number stands at 5,838 million, down 12.45 percent. In total, including all the programs executed, BBVA has repurchased shares for €4.58 billion, at an average price of €5.52 per share.
BBVA launched these share buybacks as part of its commitment to create value for its shareholders. The bank's value creation is demonstrated by the performance of metrics related to its stock. For example, the share price performance since BBVA launched its first extraordinary share buyback in November 2021. Since then and until today, the stock has gone up 61 percent¹.