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Onur Genç: “This result shows a more normalized level, in line with previous years”

Following the release of 3Q20 earnings, BBVA CEO Onur Genç underlined on Friday that  “this result shows a more normalized level, in line with previous years.” The BBVA executive added  that the €1.14 billion profit “represents a significant increase in the current context, up 79.5 percent vs. 2Q20 and 4.1 percent in constant euros, compared to the same quarter last year.”

Onur Genç also listed the main aspects that point to this positive trend:

  • First, the strength of our operating income which, despite the situation, has grown by 13.5 percent compared to the same quarter last year.
  • Second, a strong cost control, with an excellent efficiency ratio that stands at 45.6 percent, a much better figure than that of our European peers.
  • Third, a significant improvement in our year to date cost of risk, now at 169 basis points.
  • Fourth, a strong capital generation with our fully-loaded CET 1 capital ratio growing 30 basis points in the quarter, surpassing our target ahead of plan.
  • And, finally, our digital capabilities have proven essential and differential in this context in order to better serve our customers. Thanks to this, we have increased our  mobile customers by 4 million this year.

Onur Genç also recalled that “we are facing the second wave of this pandemic and our priorities remain the same: the health and well-being of our employees, our clients and society in general, and to continue providing our services.”

Finally, the BBVA CEo expressed his confidence that “we will emerge from this period stronger, as BBVA, as individuals and as a society. Stay positive, stand strong and be safe.”

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