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Finance

Finance

BBVA is to propose at the Annual General Meeting the appointments of Ana Revenga, Raúl Galamba and Carlos Salazar as new board members. With this announcement, BBVA fosters diversity of its highest decision-making governing body in several areas: female board members will now account for a third of the Board, meeting the goal set for 2020; and foreign board members will represent 40 percent. Areas of knowledge as relevant as sustainability will also be reinforced, especially from a social and aid development standpoint, as well as the global financial system and the Mexican financial sector, in particular. Following these changes, the Board will have two thirds of independent members.

Persona en la cima de una montaña BBVA

The 2019 bond market was marked by record levels of bond issuance, exceeding the 2018 volume issued in Spain by 29 percent. Also noteworthy, the green, social, and sustainability bond issuance activity saw impressive positive performance, with a volume of close to €230 billion worldwide. BBVA stood out as the most active player with a green bond issuance volume of above €3.3 billion.

On Friday,  January 31st, BBVA presented its 2019 results. The net attributable profit for the fourth quarter - excluding the impact from the goodwill adjustment in the U.S. - was 10 percent higher than consensus forecasts thanks to a higher net interest income and net trading income (NTI).  In terms of the breakdown by geographic areas, Spain, Mexico and Turkey stand out for their strong performance.

Recurring revenues (net interest income and net fees and commissions) continue growing robustly, reaching a record high in 2019. According to BBVA Group executive chairman Carlos Torres Vila, the bank obtained outstanding results despite a macroeconomic environment that was more complex than expected. “Looking toward the future, at BBVA, our goal will be to dig deeper into our strategy, integrating the interests of customers, employees, shareholders and society as a whole, balancing economic, social and environmental perspectives in everything we do,” he indicated.

BBVA Group earned €4.83 billion excluding one-time items in 2019 (+2.7 percent from the previous year), the highest figure since 2009. The results were driven by an increase in recurring revenue and the containment in operating expenses. Including the impact of the goodwill adjustment at its U.S. franchise in 4Q19 and the capital gains from the sale of BBVA Chile in 2018, the net attributable profit declined 35 percent yoy, to €3.51 billion. The bank is to propose for the consideration of the competent governing bodies a gross cash dividend of €0.16 per share to be paid in April 2020, maintaining the same amount as the previous year.