Work-life balance measures, the working environment, development and training opportunities were all decisive factors in making BBVA the most attractive company to work for in the Spanish financial industry, according to the Randstad Employer Brand Research survey. The study was conducted by an independent entity among some 163,000 respondents —more than 7,100 within Spain— to understand the main reasons why someone would look to pursue a career at a given company rather than another.
BBVA shareholders are to receive on October 11, 2023 an interim cash dividend of €0.16 (gross) against 2023 earnings. This dividend is 33 percent higher than that of October 2022 (€0.12 per share).
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 placed $1 billion in an AT1 contingent convertible (CoCo) bond on the US market. The bond has a 6-year redemption option. The interest rate has been set at 9.375%, below the exit rate of 9.625%. Demand has tripled the initial offering, reaching $3.4 billion. This is BBVA’s second CoCo bond issue so far this year.
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 stood out in the 2023 stress test of the European Banking Authority (EBA). The exercise is carried out every two years and examines the banks’ capacity to maintain minimum capital levels and own resource requirements under two scenarios: a baseline and an adverse one. In the baseline scenario BBVA would generate 326 basis points, to a maximum fully-loaded CET1 of 15.87 percent as of December 2025. In the adverse scenario, BBVA would see a capital depletion of 295 basis points, to a fully-loaded CET1 of 9.66 percent. This impact is significantly lower than the average of the European banks surveyed (459 bps). BBVA is the third bank with lowest impact among its comparable group¹.
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.
Luisa Gómez Bravo will be the new CFO of the BBVA Group. She currently is the Global Head of Corporate & Investment Banking (CIB), the group’s wholesale banking unit. Gómez Bravo will replace Rafael Salinas Martínez de Lecea, who is stepping down from his executive duties after a successful career with the bank spanning over three decades. He will continue to be involved with the Group as a board member of Garanti BBVA. Furthermore, the current Head of Sustainability, Javier Rodríguez Soler, takes on the additional role of Head of CIB.
BBVA’s Turkish unit has taken a step forward in its strategy to boost automotive sales over digital channels with the launch of a new digital loan for Renault and Dacia brand vehicle purchases. Now on offer to businesses and the self-employed via Garanti BBVA’s website and the smartphone app, the bank’s new financial product provides an end-to-end digital experience.