This Wednesday, BBVA CEO Onur Genç emphasized the bank’s excellent performance in the first half of the year, and the sustainability of these metrics over time. He specifically pointed to improvement in profitability indicators, with an ROTE of 16.9 percent at the end of June 2023. “We have been delivering better than the competition - not only at the Group level, but at the country level,” he said during a conference for investors organized by Bank of America in London.

BBVA today tapped the market for £300 million via a Tier 2 subordinated debt issue. The interest rate was set at UKT + 360 basis points, at the low end of the starting range (360-365 basis points). Demand reached £390 million. The issue drives forward BBVA's funding plan for 2023, in alignment with its strategy to optimize its capital structure. The issue was denominated in sterling to diversify the investor base.

BBVA has implemented a business banking service model that speeds up the response to the financial needs of multinationals when they expand into new markets. Employing more than 2,500 specialized managers, the new "Cross-Border" model cuts the requirements for opening non-resident accounts by up to 70 percent, thus drastically shortening the time required to set up new subsidiaries. BBVA Business Banking already works with more than 120,000 subsidiaries of business groups in 14 countries.

Garanti BBVA has released its earnings through June 30, 2023. The bank’s net income for the first half of the year totaled TL 33.81 billion; asset size stood at TL 1.89 trillion; and Garanti BBVA contributed TL 1.31 trillion to the economy through cash and non-cash loans. Customer deposits reached TL 1.40 trillion for the first six months of 2023, and remained the main source of funding, with 74 percent of assets funded by deposits. The bank’s capital position continues to be strong with a capital adequacy ratio of 15.8 percent.* Its return on average equity (ROAE) reached 38.3 percent and return on average assets (ROAA) was 4.2 percent.

BBVA has signed the sale of a portfolio of unsecured non-performing loans. This portfolio has an approximate gross value of €500 million. The sale will have a positive impact on the bank’s NPL ratio in Spain.

BBVA has announced the MREL regulatory requirement for 2024 -a buffer to absorb losses- which the bank is already in compliance with. Starting next year, the bank needs to have a 22.11 percent volume of its own funds and eligible liabilities, or 25.42 percent including the combined requirement for capital buffers based on its risk-weighted assets (RWAs). As of March 31, 2023, the bank already meets this requirement, reaching 26.89 percent, as well as the subordination requirement.

BBVA went to market this Wednesday with a €750 million Tier 2 subordinated debt issue, maturing in September 2033 and with a three-month daily call option period between June and September 2028. The pricing was finally set at midswap plus 280 basis points. This was significantly below the initial pricing of midswap plus 305 basis points. Demand was high: €1.6 billion, and more than 130 orders. The bookrunners were BBVA, BNP Paribas, ING, JP Morgan and Unicredit.

The 2023 ‘Reunión Nacional de Consejeros Regionales’ (National Meeting of Regional Advisors, or RNCR) brings together over 300 people from the business community across the country to analyze the social and economic challenges Mexico is facing. It also demonstrates the contributions made by BBVA Mexico to propel the development of projects and find solutions that foster growth and well-being in the different regions of the country.

Garanti BBVA CEO Recep Baştuğ has ranked fourth in this year’s Top 50 Sustainability Leaders list, published by the Turkish edition of business publication Fast Company. Bastug was singled out among nearly 150 leaders of companies, banks and startups, following a thorough selection process by a jury of 34 business personalities and experts from around the world.

Carlos Torres Vila, Chair of BBVA, during a recent visit to Lima unveiled the Group’s new investment plan for Peru. In an interview with the financial newspaper Gestión, he stated that "'we expect 75 percent growth in our investment, based on a plan of S/2,000 million (about €500 million) over the next four years.

Türkiye’s Garanti Bank earned a net income of TL 15.5 billion in the first quarter of the year. Total assets stood at TL 1.5 trillion and the bank contributed TL 1.1 trillion to the economy through lending activity. Customer deposits reached TL 1.0 trillion (+14 percent this quarter) and remain the primary source of funding, with 70 percent of assets funded by deposits. Garanti Bank continues to have a strong capital position, with a ratio of 15.9 percent¹. Its ROAE was 38.2 percent in the first three months of the year, and ROAA stood at 4.5 percent².

BBVA has successfully completed the share buyback program announced on March 20, 2023, for a total of €422 million. This program is part of the distributions to shareholders for the year 2022. In total, BBVA devoted €3.02 billion to its shareholders, including a cash dividend of €0.43 (gross) per share and this share buyback plan.

The BBVA Annual Shareholder meeting will be held in Bilbao next Friday, March 13. The shareholder meeting (also known as the Annual General Meeting or AGM) is one of a company’s primary corporate governance vehicles. During the meeting, the company’s owners (the shareholders) ratify decisions on topics determined by law and by the corporate bylaws. The AGM includes particular features that are established by corporate law. BBVA’s AGM will be held on March 17th in Bilbao.

Türkiye Garanti Bankası A.Ş., reported its results for the first nine months of the year. The bank posted a net income of TL 38.73 billion from January - September 2022, with total assets reaching TL 1.22 trillion and lending amounting to TL 873.29 billion through cash and non-cash loans.

BBVA Chair Carlos Torres Vila said “Onur Genç is exceptional as a person, exceptional as a professional and as a team leader, and the bank’s excellent results are proof of that” with “an outstanding performance in all areas”. “This is the unanimous view of the BBVA Board. In short, we could not have a better CEO than Onur.” At an event in Madrid organized by the Spanish business association APD and Kearney, Torres Vila said some media reports speculating over a possible change of CEO were “a complete fabrication.”

In a presentation sent to the CNMV on the occasion of an event with investors this Wednesday, BBVA highlights the bank's track record in creating value for shareholders and its competitive edge, focused on profitable growth. This enables BBVA to present a positive outlook with recent improvements in its forecasts for loan growth and net interest income in markets like Spain and Mexico. The document that BBVA CEO Onur Genç will present at the conference organized by Bank of America emphasizes that “BBVA is an engine of profitable growth.”

BBVA placed a €1.25 billion senior preferred bond on the market today with a five year maturity. The issue price closed at an interest rate of mid-swap plus 115 basis points, significantly lower than the initial price (mid-swap plus 140/145 basis points). This represents a new issue premium of just 10 basis points over its fair value, considerably lower than the premiums obtained for recent operations in the debt market. The coupon was set at 3.375 percent.

BBVA has completed the final segment of its share buyback program today as it has reached the maximum target of shares. The framework buyback program, which started in November 2021, is now complete, having achieved its target of buying back 9.6% of its capital. This is one of the largest European bank share buybacks ever conducted.

BBVA has recently appointed Pierre Goffin the bank's new Country Manager for France. Pierre has more than 25 years' experience in corporate and investment banking and will oversee business in this market. His main objective will be to strengthen relations with large corporations and the leading institutional and investor community in France.

BBVA will execute the final tranche of its share buyback program for a maximum amount of €1 billion, starting on July 1, 2022. The Group also announced that it will apply hyperinflationary accounting in Türkiye, effective January 1, 2022. Finally BBVA reaffirms its financial goals for 2024.

At the presentation of results for the first quarter, BBVA's CEO, Onur Genç, said the bank sees an improved outlook for Spain and Mexico in 2022, "thanks to better-than-expected business dynamics." He pointed out that business dynamics are "highly positive" in all geographies.

Garanti BBVA reported its financial results for the first quarter of 2022, posting a net income of TL 8.26 billion, and TL 953.35 billion in assets. Garanti BBVA CEO Recep Baştuğ called attention to the bank’s performance in lending, with the loan portfolio soaring 17 percent to TL 309 billion. “It was a quarter in which we gained market share from the sector in both TL and foreign currency loans, and we are the leader in consumer loans among private banks,” he said. The bank provided a total of TL 712.12 billion in cash and non-cash loans.