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.

BBVA's Board of Directors has agreed to increase the price offered for each share of the 50.15 percent of Garanti BBVA, from the initially announced (12.20 Turkish lira) to 15 Turkish lira.

The Shareholders' General 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 received approval from the Chilean Financial Market Commission (CMF) to open a representative office in the country's capital, Santiago de Chile. It will focus on developing and promoting the investment banking business, under the management of BBVA Corporate & Investment Banking (BBVA CIB).

BBVA has released the 2021 annual report on the remuneration of directors. For the first time the bank is applying the directors’ remuneration policy approved at the latest Annual General Meeting (AGM), which includes the best practices in the market in terms of compensation. In 2021, a year in which the bank posted its highest recurring result and the highest cash dividend per share of the past ten years, the total remuneration for the Chair and the CEO increased 5 percent and 8 percent, respectively, compared to 2019. The remuneration of 2020 is not comparable as that year both waived their full variable compensation as a gesture of responsibility during a period heavily marked by the pandemic.

The BBVA Investor Day allowed investors to learn firsthand the details and objectives of the bank’s strategy in Turkey. Garanti BBVA CEO Recep Bastug provided information on the country's economic outlook and potential, including Garanti BBVA's performance, competitive advantages and strategies.

During his talk at Investor Day on Thursday, BBVA's Country Manager in Spain, Peio Belausteguigoitia, said that the priority in Spain is profitable growth, which will be based on increasing its customer base. In this regard, he announced that the bank aims to double the annual rate of customer acquisition and expects to attract 3.6 million new customers in the next three years.

BBVA is holding its Investor Day this Thursday, when it will present its plan for the 2021-2024 period. It will focus on turning significant social and environmental challenges - like the technological disruption or decarbonization of the economy - into opportunities for profitable growth while having a positive impact on society. BBVA has released an ambitious set of objectives in terms of efficiency, profitability and tangible book value plus dividends, which it aims to reach in 2024. It also set a customer acquisition objective and reaffirmed its commitment to channel €200 billion of sustainable finance through 2025. Additionally, BBVA has increased its payout to 40-50 percent of its annual consolidated ordinary profit.

BBVA will hold its Investor Day on Thursday, November 18th. The event will allow investors to learn firsthand about  the details and objectives of the bank’s strategy.

BBVA CEO Onur Genç said Tuesday at an annual conference organized by Bank of America that he envisions “a larger BBVA” in three to five years, “without compromising profitability and capital discipline,” with a broader customer base. The bank will give more details about the future strategy at its next Investor Day, to be held November 18.

BBVA gives a new boost to its strategy, promoting sustainability to the highest level of the organization. Javier Rodríguez Soler, current country manager in the U.S., will head the new area, which aims to make BBVA the leading bank for clients in sustainability solutions. Separately, Jaime Sáenz de Tejada (CFO) and Rafael Salinas (CRO) are exchanging responsibilities.

BBVA's Investor Relations team received two awards from IR Magazine in the ´Crisis Management´ and ´Best Use of Multimedia for IR´ categories. This is considered one of the most reputable accolades in the investor relations industry in Europe.

BBVA and the majority of the labor union representatives (CC.OO., ACB and UGT) have reached an agreement on the adjustment plan in Spain, which involves redundancies of part of the workforce (a total of 2,935 people, about 10 percent of employees of the Group in Spain) through layoffs and voluntary terminations, and an outplacement program for 100 percent of the affected employees through Randstad. The agreement also includes the closing of 480 branches. The process has been characterized by a constructive dialogue between the parties to reach the best agreement for everyone.

BBVA voluntarily adhered to the Code of Good Practices approved by the Government on May 11 for customers benefiting from government-backed financing as of March 17, 2020. BBVA is firmly committed to companies and the self-employed, as it has shown during the crisis. By adhering to the Code, BBVA reinforces its commitment to this segment, one of the country's key economic drivers.

BBVA is embarking on a new phase in the US following the sale of BBVA USA to PNC. The bank, which has been present in the United States for more than 45 years through its New York branch, is working on a long-term growth plan focused on the wholesale banking business. Víctor Martínez, recently appointed Head of BBVA CIB in the United States, will be heading the business in the country.

BBVA USA Bancshares, Inc., a Sunbelt-based bank holding company (BBVA USA), reported today net income of $385 million for the first quarter of 2021 compared to net income of $334 million in the fourth quarter of 2020 and net loss of $2.2 billion in the first quarter of 2020.  Return on average assets and return on average tangible equity(1) for the first quarter of 2021 were 1.49 percent and 16.57 percent, respectively.

The BBVA Group obtained a net attributable profit of €1.21 billion in the first quarter of 2021 - a figure that shows a return to levels prior to the outbreak of the COVID pandemic. These results were achieved thanks to strong recurring revenue - despite the complex environment - and lower impairments and provisions compared to those made in the first quarter of 2020 in anticipation of the crisis. “In the first quarter of 2021, we produced positive results in an environment that continues to be very challenging. In a context of profound change in our sector, we continue to move forward in key areas of our strategy: sustainability and digital transformation,” said Onur Genç, CEO of BBVA.

The BBVA Group earned €1.21 billion in 1Q21, in line with quarterly earnings prior to the pandemic. In the year ago period, BBVA posted a €1.79 billion loss when it recorded a goodwill adjustment in its U.S. subsidiary and higher impairments. This quarter’s result was driven by strong recurring revenue and lower impairments and provisions than in 1Q20. Thanks to these earnings, BBVA generated 15 basis points of capital in the January-March period.

BBVA shareholders backed the possibility of redeeming up to 10 percent of the bank’s share capital, equivalent to 667 million shares, with 99.6 percent of the votes at the Annual General Meeting (AGM) held in Bilbao today. This item on the agenda aims to be able to implement a relevant share buyback, as means of distribution to shareholders.

The Spanish National Police’s Unit of Internal Affairs (UAI, in Spanish) has issued a report on its investigation of the 2.3 million documents (hits) provided by BBVA in the Cenyt case. The report does not provide any information that had not already been made available by BBVA to the Judge and the Public Prosecutor’s Office. This confirms that not only the internal investigation ordered by BBVA was objective, rigorous and thorough, but it also shows the full cooperation with the judicial authorities in clarifying the facts, a priority set by the bank since the onset of the proceedings.

BBVA CEO Onur Genç said today that the sale of the U.S. subsidiary is a historic milestone for the bank, and that value creation will continue to be the guiding force in all decisions related to the use of the excess capital from that transaction. “We have a lot of ammunition, a lot of capital” to create value for shareholders, he added. Regarding Turkey, he said that: “We are prepared to manage the risks in emerging markets.”

BBVA has named Patricia Bueno as new Head of Investor & Shareholder relations, within the area of Finance.

BBVA's CFO, Jaime Sáenz de Tejada, shared his optimism with international investors regarding the medium-term growth prospects for lending in Spain and Mexico. In Spain, he noted the impact of the EU recovery fund - Next Generation EU- which will expedite the transformation of the production model. The financial sector will be able to amplify its impact through by offering greater financing. As for Mexico, he underscored the positive effect of the new tax stimulus package in the U.S., which will boost remittances and manufacturing activity, along with the new free trade agreement between the United States, Mexico and Canada.

BBVA has called its Annual General Meeting (AGM) to be held virtual-only on April 20th, 2021. With the goal of being able to implement a significant potential share buyback, it will be submitted for approval of the AGM the possibility of reducing the bank’s share capital up to 10 percent - the equivalent of approximately 667 million shares. Additionally, BBVA proposes the re-election of seven board members, whose term ends in 2021. It would thus maintain unchanged the composition of the Group’s highest governing body, which currently has two thirds of independent members and an appropriate balance and diversity in several areas: experience, knowledge and expertise, gender and international representation.