BBVXF BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Price Chart
Executive Summary
BBVA reported strong Q1 2026 results, with net attributable profit up 10.8% YoY on a constant basis to €2,989 million, driven by robust loan growth and positive jaws. The CET1 ratio improved to 12.83%, above the 11.5%-12% target range, and the bank announced the third tranche of its share buyback program for ~€1.5 billion. The results were filed alongside two debt offerings (senior notes and AT1 CoCos), which are routine capital management transactions for a well-capitalized bank.
Actionable Insight
The strong Q1 beat and raised guidance (Mexico net profit improved, Turkey net profit improved) reinforce BBVA's positive momentum. The third tranche of the buyback (~€1.5 billion) provides additional near-term support. Monitor the execution of the two debt offerings filed concurrently (senior notes and AT1 CoCos) for potential pricing and terms, but these are routine capital management for a well-capitalized bank.
Key Facts
- Net attributable profit of €2,989 million in Q1 2026, up 10.8% YoY on a constant basis.
- Net interest income grew 20.2% YoY on a constant basis to €7,537 million.
- CET1 ratio improved to 12.83% from 12.70% in December 2025, above the 11.5%-12% target range.
- ROTE was 19.3% in Q1 2026, compared to 18.4% in Q1 2025.
- Efficiency ratio improved to 38.0% from 38.3% in Q1 2025.
- Total loan growth of 17.0% YoY on a constant basis.
- Third tranche of share buyback program for ~€1.5 billion to start early next week.
- Mexico net attributable profit up 9.3% YoY on a constant basis to €1,453 million.
- Turkey net attributable profit up 66.1% YoY on a current basis to €263 million.
- Spain net attributable profit up 8.1% YoY to €1,095 million.
- Updated 2026 outlook: Group ROTE >20%, Mexico high single digit growth with upward bias, Turkey net profit improved guidance.
Financial Impact
Net attributable profit of €2,989 million in Q1 2026, up 10.8% YoY constant. Net interest income of €7,537 million, up 20.2% YoY constant. CET1 ratio of 12.83%, up 13 bps QoQ.
Risk Factors
- Net interest income sensitivity to declining interest rates in Spain and Mexico, though loan growth partially offsets.
- Elevated cost of risk in Turkey (1.54% group level) and South America (Colombia, Peru).
- Hyperinflation adjustments in Turkey and Argentina create accounting noise and FX translation risk.
- Execution risk on the 2025-2028 strategic goals and AI transformation plan.
Market Snapshot
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001193125-26-194132 |
| Document: 0001193125-26-194132-index-headers.html | 0001193125-26-194132 |
| Document: 0001193125-26-194132-index.html | 0001193125-26-194132 |
| Document: 0001193125-26-194132.txt | 0001193125-26-194132 |
Filters
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Jun 9, 2026
3d ago
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6-K
| $23.00 awaiting T+5 | awaiting T+5 | — | $23.57 (+2.48%) |
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Jun 8, 2026
5d ago
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6-K
| $22.63 awaiting T+5 | awaiting T+5 | — | $23.57 (+4.15%) |
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Jun 1, 2026
12d ago
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6-K
| $23.34 $23.17 | ▼ −0.73% | ▲ +2.02% | $23.57 (+0.99%) |
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May 26, 2026
17d ago
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6-K
| $22.40 $23.34 | ▲ +4.20% | ▲ +3.11% | $23.57 (+5.22%) |
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May 18, 2026
26d ago
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6-K
| $22.55 $22.40 | ▼ −0.67% | ▼ −2.28% | $23.57 (+4.52%) |
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May 12, 2026
4w ago
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6-K
| $21.20 $22.55 | ▲ +6.37% | ▲ +6.29% | $23.57 (+11.18%) |
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May 11, 2026
4w ago
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6-K
| $21.54 $22.55 | ▲ +4.69% | ▲ +4.77% | $23.57 (+9.42%) |
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May 8, 2026
5w ago
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6-K
| $23.00 $23.20 | ▲ +0.87% | ▼ −0.59% | $23.57 (+2.48%) |
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May 8, 2026
5w ago
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6-K
| $23.00 $23.20 | ▲ +0.87% | ▼ −0.59% | $23.57 (+2.48%) |
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May 4, 2026
5w ago
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424B5
| $22.35 $21.54 | ▼ −3.62% | ▼ −6.56% | $23.57 (+5.46%) |
US Market Status
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