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BBVA Results 27 Jul 2018

"We’ve achieved excellent results, despite the uncertainty surrounding some of the markets in which we operate"

Following the release of BBVA’s Q2-18 earnings, BBVA CEO Carlos Torres Vila said today that the quarter’s net attributable profit stood at €1.31 billion, bringing the total for the first six months of the year to €2.65 billion, up 15 percent from the same period a year earlier. “We were off to a very good start of 2018 last quarter, and this quarter we’ve managed to achieve some excellent results, despite the uncertainty surrounding some of the markets in which we operate,” he said.

Carlos Torres Vila added that thanks to the progress achieved in the bank’s transformation and the strengths of the diversification, “recurring revenues grew strongly during the first half of the year, about 10 percent in constant euros, while expenses only grew by 3 percent.” BBVA’s CEO also noted that, “sales through digital channels already accounted for 39 percent of the total, compared to 15 percent two years ago. Our mobile customer base, which is still growing at a 43% rate, now consists of 20.7 million customers. Our 25 million digital customers already account for 46% of the company’s worldwide customer base, which means that we’re very close to our target of ending 2018 with half of our customers banking through digital channels.

These figures, combined with the company’s solid risk indicators, and strong capital position allowed us to close a “very good quarter with significant improvements in profitability and shareholder value creation.”

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