Banco Bilbao Vizcaya Argentaria, S.a. · BME:BBVA
Banco Bilbao Vizcaya Argentaria — Debt Investor Presentation (May 2024)
57 slides from Banco Bilbao Vizcaya Argentaria's debt investor presentation, May 1, 2024
Slide 1: 1Q24 Fixed Income Presentation
1Q24 Fixed Income Presentation
Slide 2: Disclaimer
1Q24 Fixed Income 2 Disclaimer This document is only provided for information purposes and is not intended to provide financial advice and, therefore, does not constitute, nor should it be interpreted as, an offer to sell, exchange or acquire, or an invitation for offers to acquire securities issued
Slide 3: BBVA Investment Case
BBVA O01 BBVA Investment Case
Slide 4: About BBVA
1Q24 Fixed Income 4 About BBVA BBVA’s GLOBAL PRESENCE FINANCIAL HIGHLIGHTS MARCH 2024 MARCH 2024 Net attributable profit 3M24 CET 1 FL 2,200 M€ 12.82% Total assets Deposits from customers Loans and advances to customers (gross) 801,690 M€ 436,763 M€ Countries Branches Employees Active Customers 400,4
Slide 5: Leading franchises in attractive markets
1Q24 Fixed Income 5 1) Leading franchises in attractive markets STRONG POSITION BBVA Pre-Provision Profit 1 1 2 Loan Market Share (%) Ranking Market Share (%) Spain 13.8% #3 20.5% Mexico 24.7% #1 43.3% Turkey 19.3% #2 27.8% Peru 21.5% #2 24.5% Colombia 11.5% #4 7.9% (1) Latest available information.
Slide 6: Well diversified business model
1Q24 Fixed Income 6 2) Well diversified business model DIVERSIFICATION UNDER A PROFITABLE BUSINESS MIX DECENTRALIZED MODEL TOTAL ASSETS1 LOANS AND ADVANCES TO CUSTOMERS (MAR-24) (PERFORMING LOANS UNDER MANAGEMENT EX-REPOS) 7% Rest of Business MAR-24 9% South America 21% CIB 1 25% Mortgages 45% 8% Tur
Slide 7: Proven track record of solid financial returns
1Q24 Fixed Income 7 3) Proving track record of solid financial returns STRONG PRE-PROVISION PROFIT AND OUTPERFORMING ON BEST-IN-CLASS EFFICIENCY PROFITABILITY PRE-PROVISION PROFIT/RWA EFFICIENCY RATIO ROTE BBVA: 2020-3M24 ANNUALIZED, % BBVA: 2020-3M24, % BBVA: 2020-3M24, % PEERS: 2020-2023, % PEERS:
Slide 8: Capturing value from digitization
1Q24 Fixed Income 8 4) Capturing value from digitization NEW CUSTOMERS1 (BBVA GROUP, MILLION; % ACQUISITION THROUGH DIGITAL CHANNELS) DIGITAL 67% TOTAL DIGITAL 21% 1Q19 1Q20 1Q21 1Q22 1Q23 1Q24 (1) Gross customer acquisition through own channels for retail segment. Excludes the US business sold to P
Slide 9: Solid fundamentals
1Q24 Fixed Income 9 5) Solid fundamentals SOUND ASSET QUALITY METRICS STRONG CAPITAL COMFORTABLE LIQUIDITY NPL Ratio CET 1 FULLY-LOADED (%) (%) NSFR Group Coverage Ratio 12.82% 132% (%) Target range 11.5-12.0% Cost of Risk YtD(%) CET1 Requirement LCR Group 9.10%1 186%2 Mar-23 Jun-23 Sep-23 Dec-23 Ma
Slide 10: Strong ESG Credentials
1Q24 Fixed Income 10 6) Strong ESG Credentials SUSTAINABLE BUSINESS SOCIAL GOVERNANCE Sustainable Business Channeling Positive impact on society Directors Sustainable Loan growth1 +9.5 % Business 300 €Bn 2018-2025 (MAR-24, YOY, CONSTANT €) % Female 47% Goal: 40% Directors at least goal 35,000 155,00
Slide 11: Advancing in sustainable business
1Q24 Fixed Income 11 Advancing in sustainable business SUSTAINABLE BUSINESS (€ BN, ACCUMULATED DATA 2018-1Q24) BY SEGMENT (€ BN) New target (2022) €20 Bn YoY growth 300 €Bn channeled in 1Q24 20.0 +41% €226 Bn Revised target 2.6 Retail -19% Channeled since 2018 (2021) 200 €Bn 14.2 3.2 7.0 Enterprises
Slide 12: Path to success regarding 2021-2024 goals
1Q24 Fixed Income 12 We continue on our path to success regarding our ambitious 2021-2024 goals COST-TO-INCOME ROTE1 TBV + DIVIDENDS (%) (%, ANNUALIZED) (€/SHARE, %) CAGR HIGH 2021-3M24 TEENS MID TEENS CAGR SLIGHT IMPROVEMENT 2021-24 CAGR 3M 3M 3M NEW TARGET CUSTOMERS2 SUSTAINABLE BUSINESS (MILLION
Slide 13: 1Q24 Results
BBVA O02 1Q24 Results
Slide 14: 1Q24 key messages
1Q24 Fixed Income 14 1Q24 key messages NET ATTRIBUTABLE PROFIT (CURRENT €M) CORE REVENUES (NII+FEES) TOTAL LOAN OUTSTANDING CORE GROWTH1 1 REVENUES AND SOLID +27.0% +18.6% +9.5% vs. MAR +19% ACTIVITY GROWTH (YOY, CONSTANT) (YOY, CURRENT) 2023 vs. 1Q23 +6.9% LEADING AND EFFICIENCY RATIO Includes -€28
Slide 15: Remarkable core revenues growth trend
1Q24 Fixed Income 15 Remarkable core revenues growth trend NET INTEREST INCOME NET FEES AND COMMISSIONS (CONSTANT €M) (CONSTANT €M) +25% +37% +3.6% +3.5% Strong NII growth Sound fee income driven by activity levered on and improving payments and customer spreads asset management businesses 1Q23 2Q23
Slide 16: Further improving industry-leading efficiency with positive jaws
1Q24 Fixed Income 16 Further improving industry-leading efficiency with positive jaws POSITIVE JAWS EFFICIENCY RATIO (1Q24 YOY, CONSTANT €) (COST-TO-INCOME, % CONSTANT €) FOOTPRINT INFLATION1 -398bps +31.0% 19.7% 12M AVERAGE +19.5% Gross Operating 1Q23 1Q24 Income Expenses (1) Weighted by operating e
Slide 17: Strong activity growth, asset quality within guidance
1Q24 Fixed Income 17 In a context of strong activity growth, asset quality within guidance FINANCIAL ASSETS IMPAIRMENTS NPL (CONSTANT €M) (€BN) 1Q23 2Q23 3Q23 4Q23 1Q24 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 COST OF RISK NPL & COVERAGE RATIOS (%, QUARTERLY) (%) COVERAGE NPL 1Q23 2Q23 3Q23 4Q23 1Q24 Mar-
Slide 18: Business Areas
Business SPAIN Areas MEXICO TURKEY SOUTH AMERICA
Slide 19: Positive prospects going forward in Spain
1Q24 Fixed Income 19 Positive prospects going forward in Spain GDP EVOLUTION SIGNIFICANT DELEVERAGING ALREADY HAPPENED (REAL GDP GROWTH, 2014 BASE 100) (DEBT OVER GDP, %, 2008-2023) CORPORATE DEBT HOUSEHOLD DEBT 125% 100% Spain SPAIN Spain 75% Eurozone 50% Eurozone 2008 2013 2018 2023 2008 2013 2018
Slide 20: Spain
1Q24 Fixed Income 20 Spain PROFIT & LOSS (€M) ACTIVITY (MAR-24) €Bn YoY €Bn YoY Δ (%) 1Q24 vs. 1Q23 vs. 4Q23 +0.8% +4.0% Net Interest Income 1,599 35.2 2.0 Net Fees and Commissions 566 5.6 0.9 Mortgages -0.9% Net Trading Income 205 71.6 104.5 Demand Other Income & Expenses -209 85.9 20.6 Deposits -3
Slide 21: Strong growth opportunities in Mexico
1Q24 Fixed Income 21 Strong growth opportunities in Mexico GDP EVOLUTION SUBSTANTIAL ROOM TO INCREASE LEVERAGE (REAL GDP GROWTH, 2014 BASE 100) (DOMESTIC CREDIT TO PRIVATE SECTOR OVER GDP, %) MEXICO LATIN USA CHILE BRAZIL PERU COL MEXICO AMERICA Source: World Bank. Figures as of 2022, except USA and
Slide 22: Mexico
1Q24 Fixed Income 22 Mexico PROFIT & LOSS (CONSTANT €M) ACTIVITY (MAR-24) Δ Constant (%) Δ Current (%) (CONSTANT €) €Bn YoY €Bn YoY +8.8% +12.5% 1Q24 vs. 1Q23 vs. 4Q23 vs. 1Q23 Net Interest Income 2,999 6.5 1.2 15.8 Mortgages +8.7% Net Fees and Commissions 642 22.4 4.2 33.0 Demand +4.9% Net Trading
Slide 23: Turkey
1Q24 Fixed Income 23 Turkey PROFIT & LOSS (CURRENT €M) ACTIVITY (MAR-24) Δ Current (%) (CONSTANT €; BANK ONLY) €Bn YoY1 1Q24 vs 1Q23 vs 4Q23 €Bn FC +1.2% Net Interest Income 277 -55.7 -3.5 YoY1 Time -45.5% Net Fees and Commissions 423 145.9 14.8 Net Trading Income 316 41.1 127.1 FC +2.6% Other Incom
Slide 24: South America
1Q24 Fixed Income 24 South America NET ATTRIBUTABLE PROFIT (CURRENT €M) ACTIVITY (MAR-24) (CONSTANT €) €Bn YoY Δ Current (%) €Bn YoY -9.1% 1Q24 vs. 1Q23 vs. 4Q23 +8.4% Colombia +7.8% Colombia 20 -50.6 -50.9 Peru 42 -24.3 -9.8 Colombia +3.5% Argentina 34 -33.2 n.s. Other ¹ 23 -31.1 -22.9 +4.6% Peru S
Slide 25: Capital & Liquidity
BBVA O03 Capital & Liquidity
Slide 26: A high quality and resilient capital
1Q24 Fixed Income 26 A high quality and resilient capital STRONG CAPITAL HIGH RWAS DENSITY, WITH A LIMITED CAPITAL RESILIENCE UNDER POSITION USE OF INTERNAL MODELS 2 STRESS SCENARIOS CET1 FULLY-LOADED RWA/TOTAL ASSETS LEVERAGE RATIO FL 2023 EBA ST -ADVERSE SCENARIO (%) BBVA MAR-24/PEERS DEC-23 BBVA
Slide 27: Solid capital position with CET1 above our target
1Q24 Fixed Income 27 Solid capital position with CET1 above our target CET1 FULLY-LOADED AT1 AND TIER 2 FL BUCKETS (%, BPS) MAR-24 (%) +15bps +60 bps -33bps 2.49% -43 bps +31 bps 12.82% 2.38% 12.67% 1.78% Target Range 1.35% 11.5%-12.0% SREP Requirement 9.10% Dec -23 Results Dividend RWAs accrual & (
Slide 28: Among the lowest SREP requirement with comfortable MDA distance
1Q24 Fixed Income 28 Among the lowest SREP requirement with a comfortable MDA distance BBVA, GROUP CET1 REQUIREMENT AND DISTANCE TO MDA BBVA MAR-24/ PEERS JAN-24 Distance to MDA 2 13.60% 329 bps 16.66% T2 11.13% 13.26% 10.76% AT1 10.22% T2 10.03% 10.02% 9.60% 9.32% 9.10% 8.58% 8.50% 9.10% AT1 CCyB 1
Slide 29: Strong capital position in BBVA, S.A., above requirement
1Q24 Fixed Income 29 Strong capital position in BBVA, S.A., above requirement BBVA, S.A. REQUIREMENT AND DISTANCE TO MDA MAR-24 Distance to MDA2 17.14% 439 bps €9.6 Bn T2 12.11% AT1 T2 AT1 7.95% 1 CCyB 1 CCB CET 1 Pillar 2R CET 1 Pillar 1 CET1 Total Capital Total Capital Ratio Requirement 2024 Requi
Slide 30: Sound MREL position
1Q24 Fixed Income 30 Sound MREL position POSITION AS OF MAR-24 (% RWA1) MREL REQUIREMENT + CBR SUBORDINATION REQUIREMENT + CBR 27.81% 26.40% 21.96% CBR: 3.61% 3 17.11% 3 CBR: 3.61% MREL 22.79% Subordination 13.50% 2 2 M-MDA Buffer 141 bps (3.1€bn) Subordination Buffer 486 bps (10.7€bn) Preliminary D
Slide 31: Liquidity ratios well above requirements
1Q24 Fixed Income 31 Liquidity ratios well above requirements with ample quality collateral BBVA GROUP LIQUIDITY BALANCE SHEET1 BBVA GROUP LIQUIDITY AND FUNDING METRICS MAR-24 MAR-24 Mexico Turkey South BBVA S.A.2 America LTD 86% 99% 80%3 96% LCR 179% 165% 193% >100% NSFR 124% 135% 168% >100% *(main
Slide 32: Limited wholesale funding maturities in all geographies
1Q24 Fixed Income 32 Limited wholesale funding maturities in all geographies DEBT OUTSTANDING BY PRODUCT WHOLESALE FUNDING MATURITIES MAR-24, € BN MAR-24, € BN Others1 Senior Preferred EURO 11.1 17% 19.7 € 49.6 bn 31% T2 / TOTAL Subordinated 19% 63.8 12.2 MEXICO 7% 14% €8.5 bn AT1 / Preferred 11% Se
Slide 33: 2024 Funding Plan
1Q24 Fixed Income 33 2024 Funding Plan c. €8-9 bn. Oriented to meet both 2024 maturities and regulatory requirements. Subject to Balance Sheet and liquidity evolution. BBVA, S.A. 2024 2024 Strategy1 €BN Executed (subject to market conditions) AT1 - Dynamic and efficient management of the capital stac
Slide 34: All rating agencies assign BBVA a single A rating, stable outlook
1Q24 Fixed Income 34 All Ratings Agencies assign BBVA a rating on the single A space, with stable outlook BBVA LONG TERM BBVA RATINGS BY TYPE OF INSTRUMENT AND ISSUER SENIOR PREFERRED RATINGS Moody’s S&P Fitch DBRS Investment Aaa AAA AAA AAA CB Positive outlook grade Aa1 CB CB AA+ AA+ AA (H) Moody’s
Slide 35: BBVA Offer to Banco Sabadell Shareholders
04 BBVA Offer to Banco Sabadell Shareholders
Slide 36: A Compelling Offer for a Powerful Combination
1Q24 Fixed Income 36 A Compelling Offer for a Powerful Combination ■ Market Consolidation: Strengthens BBVA’s presence in its home market, creating significant value for all Shareholders ● Gaining local scale with reinforced market share ● Integrating a high quality franchise ● Combining very complem
Slide 37: Significant Value Creation through Synergies
1Q24 Fixed Income 37 Significant Value Creation through Synergies ANNUAL (PRE-TAX) FUNDING & COST SYNERGIES 0.85 BN€ (PHASE-IN OVER 3 YEARS) 0.75 BN€ COST SYNERGIES 0.1 BN€ FUNDING SYNERGIES sequenced with wholesale funding maturities 25% Equivalent to 13% 1.45 BN€ year 1 post merger of Banco Sabadel
Slide 38: Extremely Attractive Premium for B. Sabadell Shareholders
1Q24 Fixed Income 38 Extremely Attractive Premium for B. Sabadell Shareholders BANCO SABADELL SHARE PRICE EVOLUTION (€/Sh) 2.26 €/SH th as of 29 April (2) 4.83 EXCHANGE RATIO # B. SABADELL SHARES / 30% 1 BBVA SHARE over 29th April (all-shares offer) 2024 1.74 42% over VWAP (1) 1 month 50% over VWAP
Slide 39: Important Value Creation for BBVA Shareholders as well
1Q24 Fixed Income 39 Important Value Creation for BBVA Shareholders as well EPS (1) ACCRETIVE ATTRACTIVE TBVpS (2) FROM YEAR 1 POST-MERGER INCREMENTAL ROIC FOR ACCRETIVE BBVA SHAREHOLDERS (3) 1 2 3 +3.5% c.1% c.20% once savings are at the date compares favorably vs. fully phased-in of merger Share B
Slide 40: Indicative Timeline of the Offer: 6 to 8 Months
1Q24 Fixed Income 40 Indicative Timeline of the Offer: 6 to 8 Months Estimated c.6 months Max. 70 days Offer Regulatory BBVA ECB CNMV Offer End of the announcement authorizations Shareholders Approval Approval & take-up submissions (1) meeting Opening of take-up period - ECB period - CNMV - CNMC CNM
Slide 41: Annex
Annex 01 1Q24 Profit & Loss 08 CET1 Sensitivity to market impacts BBVA Group Net 02 09 Group RWA breakdown Attributable Profit 03 ALCO Portfolio 10 Debt Issuances 2023-2024 YTD NII sensitivity to interest rate 04 11 Called notes 2018-2024 YTD movements Customer spread: quarterly 05 evolution 12 Wholes
Slide 42: 1Q24 Profit & Loss
1Q24 Fixed Income 42 1Q24 Profit & Loss Change Change 1Q24/1Q23 1Q24/4Q23 BBVA Group (€M) 1Q24 % constant % % constant % Net Interest Income 6,512 25 15 4 24 Net Fees and Commissions 1,887 37 31 3 11 Net Trading Income 772 124 76 -13 3 Other Income & Expenses -952 39 70 271 273 Gross Income 8,218 31
Slide 43: Business Areas Contribution to Group's NAP
1Q24 Fixed Income 43 Business Areas Contribution to Group's NAP 1Q24 yoy growth NET ATTRIBUTABLE PROFIT (BUSINESS AREAS CONTRIBUTION TO 1Q24 YOY GROWTH; CURRENT €M) +19% 1Q23 Spain Mexico Turkey South Rest of Corporate 1Q24 America Business Center NAP 1Q24 (€M) 725 1,441 144 119 121 -350 NAP growth
Slide 44: ALCO Portfolio
1Q24 Fixed Income 44 ALCO Portfolio ALCO PORTFOLIO BREAKDOWN BY REGION (€ BN) Amort Cost Fair Value (HTC) (HTC&S) (duration Mar-24 (€BN) (€BN) incl. hedges) South America 0.2 4.9 1.5 years Turkey 6.8 2.4 3.6 years Mexico 7.0 13.3 2.7 years Euro 27.6 11.6 2.6 years (1) Spain 21.8 5.1 Italy 2.9 4.1 Re
Slide 45: NII sensitivity to interest rates movements
1Q24 Fixed Income 45 NII sensitivity to interest rates movements ESTIMATED IMPACT ON NII IN THE NEXT 12 MONTHS TO PARALLEL INTEREST RATE MOVEMENTS (TO +100 BPS INTEREST RATES INCREASE, %) +c.5% +2.3% EURO BALANCE MEXICO SHEET Note: NII sensitivities to parallel interest rates movements as of Feb-24,
Slide 46: Customer spreads: quarterly evolution
1Q24 Fixed Income 46 Customer spreads: quarterly evolution AVERAGE 1Q23 2Q23 3Q23 4Q23 1Q24 1Q23 2Q23 3Q23 4Q23 1Q24 Spain 2.75% 3.12% 3.33% 3.42% 3.44% Turkey TL 3.92% 0.81% 0.51% 0.38% -0.74% Yield on Loans 3.11% 3.64% 4.01% 4.28% 4.35% Yield on Loans 16.84% 16.50% 20.20% 28.49% 33.02% Cost of Dep
Slide 47: Stages breakdown by business areas
1Q24 Fixed Income 47 Stages breakdown by business areas (MAR-24, € M) Gross Accumulated Gross Accumulated Gross Accumulated BBVA GROUP Exposure impairments SPAIN Exposure impairments MEXICO Exposure impairments Stage 1 405,765 2,198 Stage 1 169,890 466 Stage 1 90,188 1,170 Stage 2 40,975 2,130 Stage
Slide 48: Exposure to Covid-related loans and Commercial Real Estate
1Q24 Fixed Income 48 Exposure to Covid-related loans backed by State guarantees and Commercial Real Estate COVID-RELATED LOANS, SPAIN AND PERU COMMERCIAL REAL ESTATE (OUTSTANDING LOANS AS OF MAR’24) (GROUP’s CRE EAD, %, AS OF MAR’24) € 8.2 Bn 1 € 0.4 Bn €c. 11 Bn 2 of which of which 66% Retail 56% R
Slide 49: Capital Base BBVA Group & BBVA, S.A.
1Q24 Fixed Income 49 Capital Base BBVA Group & BBVA, S.A. CAPITAL RATIOS MAR-24 (%) 16.66% 17.14% T2 AT1 CET1 BBVA Group BBVA, S.A. CET 1 € 48,739 m € 27,231 m AT1 € 5,128 m € 4,775 m T2 € 9,452 m € 5,809 m Total Capital Base € 63,318 m € 37,815 m RWA € 381,526 m € 220,660 m Note: Preliminary Data W
Slide 50: Group CET1 Sensitivity to market impacts
1Q24 Fixed Income 50 Group CET1 Sensitivity to market impacts1 TO A 10% CURRENCY DEPRECIATION2 TO A 10% DECLINE IN TELEFONICA’S (MAR-24) SHARE PRICE (MAR-24) MXN -10bps -3 pbs TRY -4bps TO +100 BPS MOVEMENT IN THE SPANISH SOVEREIGN BOND (MAR-24) USD +17bps -10 pbs (1) CET1 sensitivity considering th
Slide 51: Group RWA breakdown
1Q24 Fixed Income 51 Group RWA breakdown TOTAL RWA BREAKDOWN PHASED-IN 52% IRB Models ▰ Optimizing Capital Allocation is part of BBVA’S Strategic Priorities 0.4% CVA ▰ Limited usage of internal 1.0% FX Risk 87.0% Credit Risk models in Credit Risk RWAs, mitigating potential impacts 3.1% Trading Act R
Slide 52: Debt Issuances 2023 - 2024 YTD
1Q24 Fixed Income 52 Debt Issuances 2023 - 2024 YTD NOMINAL PRODUCT ISSUE DATE CALL DATE MATURITY COUPON BBVA, S.A. CURRENCY SP Mar-24 - Mar-31 € 1,000 M 3.500% SNP Mar-24 Mar-34 Mar-35 $ 1,000 M 6.033% SP Mar-24 - Mar-29 $ 1,000 M 5.381% T2 Feb-24 Feb-31 Feb-36 € 1,250 M 4,875% SP Jan-24 - Jan-34 €
Slide 53: Called notes 2018 - 2024 YTD
1Q24 Fixed Income 53 Called notes BBVA 2018 - 2024 YTD follows an economic call policy OUTSTANDING PRODUCT ISSUE DATE REDEMPTION COUPON CURRENCY (M) BBVA, S.A. AT1 Mar-19 Mar-24 € 1,000 M 6,000% BBVA, S.A. T2 Feb-19 Feb-24 € 750 2.575% BBVA, S.A. AT1 Sep-18 Sep-23 € 1,000 5.875% BBVA, S.A. AT1 May-1
Slide 54: Wholesale maturities 2024 - 2028+
1Q24 Fixed Income 54 Wholesale maturities 2024 - 2028+ Bn € EURO 2024 2025 2026 2027 2028+ TOTAL Senior Preferred 1.0 4.7 2.0 1.3 5.0 13.9 Senior Non Preferred 1.0 1.9 1.2 1.9 3.1 9.1 Covered Bonds 1.0 2.4 1.0 1.7 0.9 6.9 Preferred Shares 0.0 0.9 1.0 0.9 1.9 4.8 Subordinated 0.0 1.2 0.4 1.3 3.7 6.5
Slide 55: Main Subsidiaries ratings
1Q24 Fixed Income 55 Main Subsidiaries ratings BBVA LONG TERM SENIOR UNSECURED RATINGS BBVA Mexico Garanti BBVA BBVA Argentina BBVA Colombia BBVA Peru Investment AAA/Aaa AAA/Aaa AAA/Aaa AAA/Aaa AAA/Aaa grade AA+/Aa1 AA+/Aa1 AA+/Aa1 AA+/Aa1 AA+/Aa1 AA/Aa2 AA/Aa2 AA/Aa2 AA/Aa2 AA/Aa2 AA-/Aa3 AA-/Aa3 A
Slide 56: Book Value of the main subsidiaries
1Q24 Fixed Income 56 Book Value of the main subsidiaries1,2 € BN; MAR-24 Δ (%) QoQ Mexico 20.8 -2.2% Turkey 6.8 +0.3% Colombia 1.8 -0.7% Argentina 1.6 +42.9% Peru 1.3 -2.9% Chile 0.3 -4.3% Venezuela 0.1 -14.4% (1) Includes the initial investment + BBVA’s undistributed results + FX impact + other val
Slide 57: BBVA
BBVA
Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) — Debt Investor Presentation (May 2024) on 6ix