"Our results are very good, with double digit profitability"
Following the release of BBVA’s fourth quarter results for 2018, Group Executive Chairman Carlos Torres Vila explained that: “Even excluding the extraordinary gains, overall results continued to grow despite a complex environment.”
The Group Executive Chairman also stressed that BBVA’s diversified business model and transformation strategy are the foundation for this positive trend, and for the bank’s continually improving efficiency. Recurring revenue is growing at a rate over 10 percent yet another year, and expenses rose just 2.5 percent - in both cases without including the impact of exchange rates.
“These results are in addition to strong risk indicators and a solid capital ratio despite volatility in the markets,” he noted
In terms of progress in the bank’s transformation, Carlos Torres Vila added that: “We are especially proud of reaching a major milestone in the digitization of our business. As of December, more than half of our customers bank through digital channels. In 2019, our goal is to have more than 50 percent of our customers using mobile channels to do their banking.”
Ultimately, despite a complex environment, BBVA’s Group Executive Chairman emphasized that: “Our results are very good, with significant growth in the bank’s assets, double digit profitability, and major progress in our transformation process.”