Banco Bilbao Vizcaya Argentaria, S.a. · BME:BBVA
Banco Bilbao Vizcaya Argentaria — Debt Investor Presentation (April 2025)
49 slides from Banco Bilbao Vizcaya Argentaria's debt investor presentation, April 2025
Slide 1: 1Q25 Fixed Income Presentation
1Q25 Fixed Income Presentation April 2025
Slide 2: Disclaimer
1Q25 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
BBVA
Slide 4: BBVA's global reach and financial performance
1Q25 Fixed Income 4 BBVA’s global reach and financial performance BBVA’s GLOBAL PRESENCE FINANCIAL HIGHLIGHTS MARCH 2025 MARCH 2025 Net attributable profit 3M25 CET1 ratio FL 2,698 M€ 13.09% Loans and advances to Total assets Deposits from customers customers (gross) Countries Branches Employees Activ
Slide 5: Diversified model with leading franchises in attractive markets
1Q25 Fixed Income 5 Diversified model with leading franchises in attractive markets DIVERSIFICATION UNDER A STRONG MARKET POSITION RANKING AND LOAN MARKET SHARE (%)2 DECENTRALIZED MODEL Rest of Business South America 8% SPAIN # 3 14.1% TOTAL 9% ASSETS1 Turkey Spain MAR’25 11% 51% MEXICO # 1 25.4% Mex
Slide 6: Profitable business mix
1Q25 Fixed Income 6 Profitable business mix LOANS AND ADVANCES TO CUSTOMERS DEPOSITS FROM CUSTOMERS (PERFORMING LOANS UNDER MANAGEMENT EX-REPOS) (CUSTOMER DEPOSITS UNDER MANAGEMENT EX-REPOS) MAR-25 MAR-25 23% Mortgages 23% CIB1 25% Time Deposits 52% Retail Commercial 43% Public sector 6% 75% Demand D
Slide 7: Proving track record of solid financial returns
1Q25 Fixed Income 7 Proving track record of solid financial returns STRONG PRE-PROVISION PROFIT AND BEST-IN-CLASS EFFICIENCY OUTPERFORMING ON PROFITABILITY PRE-PROVISION EFFICIENCY RATIO ROTE BBVA: 2020-3M25, % PROFIT /RWA BBVA 1 PEERS: 2020-2024, % BBVA: 2020-3M25, % PEERS: 2020-2024, % BBVA 1 BBVA:
Slide 8: Sound fundamentals
1Q25 Fixed Income 8 Sound fundamentals SOUND ASSET QUALITY METRICS STRONG CAPITAL COMFORTABLE LIQUIDITY NPL Ratio CET 1 FULLY-LOADED (%) (%) 13.09% NSFR Group Coverage Ratio (%) 127% Target range 11.5-12.0% Cost of Risk YtD(%) CET1 Requirement LCR Group 9.13%1 165%2 Mar-24 Jun-24 Sep-24 Dec-24 Mar-2
Slide 9: Record customer acquisition driven by digital
1Q25 Fixed Income 9 Record customer acquisition driven by digital NEW CUSTOMERS1 (BBVA GROUP, MILLION; % ACQUISITION THROUGH DIGITAL CHANNELS) DIGITAL 66% TOTAL DIGITAL 24% 3M20 3M21 3M22 3M23 3M24 3M25 ACTIVE CLIENTS2 56.1 M 78.1 M (1) Gross customer acquisition through own channels for retail segm
Slide 10: Sustainability as a business opportunity and a growth driver
1Q25 Fixed Income 10 Sustainability as a business opportunity and a growth driver SUSTAINABLE BUSINESS (CHANNELING, € BILLION) BY CUSTOMER SEGMENT (€ BN) 2029 2028 NEW SUSTAINABLE BUSINESS TARGET YoY 29 +55% €700Bn 2027 2.8 Retail +85% 2026 2025 2024 19 1.5 10.8 Enterprises +58% 2023 2022 SUSTAINABL
Slide 11: 1Q25 Earnings
()? 1Q25 Earnings
Slide 12: 1Q25 key messages
1Q25 Fixed Income 12 1Q25 key messages TBV + DIVIDENDS (€ / SHARE) ROTE NET ATTRIBUTABLE PROFIT (CURRENT €M) 1 VALUE CREATION +14.1% vs. MAR’24 20.2% 3M25 NET INTEREST INCOME TOTAL LOAN GROWTH1 STRONG NET INTEREST +22.7% 2 INCOME GROWTH DRIVEN +8.5% vs. 1Q24 +15.1% vs. MAR’24 BY ACTIVITY CONSTANT CO
Slide 13: Remarkable core revenues growth trend
1Q25 Fixed Income 13 Remarkable core revenues growth trend NET INTEREST INCOME NET FEES AND COMMISSIONS (CONSTANT €M) (CONSTANT €M) +8.5% +19.3% +1.7% NII growth driven -2.7% Excellent YoY by superb activity evolution levered and good price on payments and management in a asset management lower inte
Slide 14: Activity growth in Spain and Mexico accelerates providing resilience for the future
1Q25 Fixed Income 14 Activity growth in Spain and Mexico accelerates providing resilience for the future TOTAL LOAN GROWTH (YOY, CONSTANT €) TOTAL LOAN GROWTH KEY SEGMENTS (YOY, CURRENT €) (YOY MAR’25, CURRENT €) SPAIN +7.5% +8.5% BBVA GROUP Consumer + Enterprises Mar’24 Jun’24 Sep’24 Dec’24 Mar’25
Slide 15: Continuous core revenue growth supported by activity acceleration despite lower rates
1Q25 Fixed Income 15 Continuous core revenue growth supported by activity acceleration despite lower rates CORE REVENUES NET INTEREST INCOME NET FEES (YOY, €M) (YOY, €M) (YOY, €M) +2.7% +1.2% +6.8% SPAIN 3M24 3M25 3M24 3M25 3M24 3M25 +7.3% +7.6% +5.8% MEXICO 3M24 3M25 3M24 3M25 3M24 3M25 Note: Mexic
Slide 16: Positive jaws and further improving industry-leading efficiency
1Q25 Fixed Income 16 Positive jaws and further improving industry-leading efficiency POSITIVE JAWS EFFICIENCY RATIO (3M25 YOY, CONSTANT €) (COST-TO-INCOME, % CONSTANT €) FOOTPRINT -469 bps INFLATION1 16.7% 12M AVERAGE +28.2% +14.2% 38.2 Gross Operating 3M24 3M25 Income Expenses (1) Weighted by operat
Slide 17: Positive asset quality evolution, ahead of expectations so far
1Q25 Fixed Income 17 Positive asset quality evolution, ahead of expectations so far FINANCIAL ASSETS IMPAIRMENTS NPL (CONSTANT €M) (CURRENT €BN) 1Q24 2Q24 3Q24 4Q24 1Q25 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 COST OF RISK NPL & COVERAGE RATIOS (%, YTD) (%) COVERAGE NPL 3M24 6M24 9M24 12M24 3M25 Mar-24 J
Slide 18: Business Areas
Business SPAIN Areas MEXICO TURKEY SOUTH AMERICA
Slide 19: Spain
1Q25 Fixed Income 19 Spain PROFIT & LOSS (€M) ACTIVITY (MAR-25) Δ (%) €Bn YoY €Bn YoY 1Q25 vs. 1Q24 vs. 4Q24 +6.6% +3.5% Net Interest Income 1,607 1.2 1.0 Net Fees and Commissions 590 6.8 -3.0 Net Trading Income 248 16.7 100.1 Mortgages +1.7% Demand Other Income & Expenses 89 n.s. 59.2 Deposits +1.9
Slide 20: Mexico
1Q25 Fixed Income 20 Mexico PROFIT & LOSS (CONSTANT €M) ACTIVITY (MAR-25) (CONSTANT €) €Bn YoY Δ Constant (%) Δ Current (%) €Bn YoY +15.8% 1Q25 vs. 1Q24 vs. 4Q24 vs. 1Q24 +17.2% Net Interest Income 2,767 7.6 -1.0 -7.7 Net Fees and Commissions 583 5.8 -2.3 -9.2 Mortgages +8.9% Demand Net Trading Inco
Slide 21: Turkey
1Q25 Fixed Income 21 Turkey PROFIT & LOSS (CURRENT €M) ACTIVITY (MAR-25) (CONSTANT €; BANK ONLY) Δ Current (%) €Bn €Bn YoY1 1Q25 vs 1Q24 vs 4Q24 YoY1 FC +8.3% +118.2% Net Interest Income 701 152.7 23.8 +19.6% Time Net Fees and Commissions 549 29.9 -22.3 FC Net Trading Income 124 -60.9 -59.9 Demand -
Slide 22: South America
1Q25 Fixed Income 22 South America NET ATTRIBUTABLE PROFIT (CURRENT €M) ACTIVITY (MAR-25) (CONSTANT €) €Bn YoY €Bn +24.0% Δ Current (%) YoY 1Q25 vs. 1Q24 vs. 4Q24 +16.9% Colombia +4.2% Colombia 33 67.5 n.s. Peru 84 98.0 55.4 Colombia +2.1% Argentina 50 46.7 14.1 Other ¹ 51 122.3 70.3 Peru +14.9% Sou
Slide 23: Capital & Liquidity
() Capital & Liquidity
Slide 24: High quality and resilient capital
1Q25 Fixed Income 24 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-25/PEERS DEC-24 BBVA MA
Slide 25: Sound capital position above our target
1Q25 Fixed Income 25 Sound capital position above our target CET1 FULLY-LOADED AT1 AND TIER 2 FL BUCKETS (%, BPS) MAR-25 (%) +21 bps 3.02% +68 bps -37bps -30 bps +20 bps 13.09% 2.38% 12.88% 1.78% Target Range 1.44% 11.5%-12.0% CET1 Requirement 9.13% Dec -24 Results Dividend RWAs accrual & (constant
Slide 26: Among the lowest SREP requirement with a comfortable MDA distance
1Q25 Fixed Income 26 Among the lowest SREP requirement with a comfortable MDA distance BBVA, GROUP CET1 REQUIREMENT AND DISTANCE TO MDA BBVA MAR-25/ PEERS DEC-24 Distance to MDA 2 13.70% 362 bps 17.55% T2 11.32% 13.29% 10.87% AT1 10.29% 10.27% T2 10.22% 9.89% 9.67% 9.13% 8.68% 8.67% 9.13% AT1 CCyB 1
Slide 27: Strong capital position in BBVA, S.A., above requirement
1Q25 Fixed Income 27 Strong capital position in BBVA, S.A., above requirement BBVA, S.A. REQUIREMENT AND DISTANCE TO MDA MAR-25 Distance to MDA2 22.33% 838 bps €17.0 Bn T2 12.15% 2 AT1 T2 7.99% 1 AT1 Systemic Risk Buffer CCyB 1 CCB CET 1 Pillar 2R CET 1 Pillar 1 CET1 Total Capital Total Capital Rati
Slide 28: Sound MREL position
1Q25 Fixed Income 28 Sound MREL position POSITION AS OF MAR-25 (% RWA1) MREL REQUIREMENT + CBR SUBORDINATION REQUIREMENT + CBR 33.20% 27.70% 26.44% CBR: 3.65% 3 17.15% 3 CBR: 3.65% MREL 22.79% Subordination 13.50% 2 2 M-MDA Buffer 677 bps (13.4€bn) Subordination Buffer 1.055 bps (20.9€bn) Note: Prel
Slide 29: Liquidity ratios well above requirements with ample quality collateral
1Q25 Fixed Income 29 Liquidity ratios well above requirements with ample quality collateral BBVA GROUP LIQUIDITY BALANCE SHEET1 BBVA GROUP LIQUIDITY AND FUNDING METRICS MAR-25 MAR-25 Mexico Turkey3 South BBVA S.A.2 America LTD 91% 102% 76% 94% LCR 168% 162% 131% >100% NSFR 119% 132% 157% >100% LCR G
Slide 30: Limited wholesale funding maturities in all geographies
1Q25 Fixed Income 30 Limited wholesale funding maturities in all geographies DEBT OUTSTANDING BY PRODUCT WHOLESALE FUNDING MATURITIES MAR-25€ BN MAR-25, € BN Others1 Senior Preferred EURO 12.6 19% 22.7 € 49.6 bn 34% T2 / TOTAL Subordinated 22% 67.2 14.5 MEXICO 12% €10.5 bn 8% Senior Non 6% AT1 / Pre
Slide 31: Funding Plan
1Q25 Fixed Income 31 Funding Plan Oriented to meet call options for hybrid instruments and MREL eligibility losses. 2025 Continued focus on optimizing the capital structure. Subject to Balance Sheet and liquidity evolution. BBVA, S.A. 2024 2025 2025 2025 Strategy1 Executed Executed Planned (€Bn) (€B
Slide 32: All Ratings Agencies assign BBVA a rating on the single A space
1Q25 Fixed Income 32 All Ratings Agencies assign BBVA a rating on the single A space BBVA LONG TERM BBVA RATINGS BY TYPE OF INSTRUMENT AND ISSUER SENIOR PREFERRED RATINGS ( SPANISH SOVEREIGN RATING AND OUTLOOK INCLUDED AS A REFERENCE) Moody’s S&P Fitch DBRS Investment Aaa AAA AAA AAA CB Rating Watch
Slide 33: Annex
Annex 01 1Q25 Profit & Loss 09 Risk-weighted assets by business area BBVA Group Net 10 Group RWA breakdown 02 Attributable Profit 1Q25 03 ALCO Portfolio 11 Debt Issuances 2024-2025 YTD NII sensitivity to interest rate 12 Called notes 2018-2025 YTD 04 movements 05 Customer spread: quarterly 13 Wholesal
Slide 34: 1Q25 Profit & Loss
1Q25 Fixed Income 34 1Q25 Profit & Loss BBVA GROUP (€M) Change Change 1Q25/1Q24 1Q25/4Q24 % % BBVA Group 1Q25 const. % const. % Net Interest Income 6,398 8 -2 2 0 Net Fees and Commissions 2,060 19 9 -3 -8 Net Trading Income 948 40 23 2 -4 Other Income & Expenses -82 n.s. n.s. n.s. n.s. Gross Income 9
Slide 35: Business Areas Contribution to Group's NAP 1Q25 YoY growth
1Q25 Fixed Income 35 Business Areas Contribution to Group's NAP 1Q25 YoY growth NET ATTRIBUTABLE PROFIT (BUSINESS AREAS CONTRIBUTION TO 1Q25 YOY GROWTH; CURRENT €M) +23% 1Q24 Spain Mexico Turkey South Rest of Corporate 1Q25 America Business Center NAP 1Q25 (€M) 1,024 1,332 158 218 173 -208 NAP growt
Slide 36: ALCO Portfolio
1Q25 Fixed Income 36 ALCO Portfolio ALCO PORTFOLIO BREAKDOWN BY REGION (€ BN) Amort Cost Fair Value (HTC) (HTC&S) (duration incl. Mar-25 (€BN) (€BN) hedges) South America 0.3 6.8 1.5 years Turkey 6.2 3.3 4.4 years Mexico 4.1 11.4 2.9 years Euro 41.1 9.4 3.7 years (1) Spain 31.3 3.4 Italy 2.9 4.1 Res
Slide 37: NII sensitivity to interest rates movements
1Q25 Fixed Income 37 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 MOVEMENT, %) + -4% + -2.4% EURO BALANCE MEXICO SHEET Note: NII sensitivities to parallel interest rates movements as of Mar
Slide 38: Customer spreads: quarterly evolution
1Q25 Fixed Income 38 Customer spreads: quarterly evolution AVERAGE 1Q24 2Q24 3Q24 4Q24 1Q25 1Q24 2Q24 3Q24 4Q24 1Q25 Spain 3.44% 3.44% 3.39% 3.30% 3.19% Turkey TL -0.74% -0.02% -0.33% 0.55% 1.46% Yield on Loans 4.35% 4.30% 4.25% 4.13% 3.85% Yield on Loans 33.02% 36.86% 38.47% 38.20% 37.76% Cost of D
Slide 39: Stages breakdown by business areas
1Q25 Fixed Income 39 Stages breakdown by business areas CREDIT RISK BUSINESS BREAKDOWN BY AREA (MAR-25, € M) Gross Accumulated Gross Accumulated Gross Accumulated BBVA GROUP Exposure impairments SPAIN Exposure impairments MEXICO Exposure impairments Stage 1 447,804 2,409 Stage 1 190,175 504 Stage 1
Slide 40: Capital Base BBVA Group & BBVA, S.A.
1Q25 Fixed Income 40 Capital Base BBVA Group & BBVA, S.A. CAPITAL RATIOS MAR-25 (%) 17.55% 22.33% T2 AT1 CET1 BBVA Group BBVA, S.A. CET 1 € 51,745 m € 33,262 m AT1 € 5,706 m € 5,523 m T2 € 11,946 m € 6,588 m Total Capital Base € 69,397 m € 45,373 m RWA € 395,352 m € 203,178 m Note: Preliminary Data
Slide 41: CET1 Sensitivity to Market Impacts
1Q25 Fixed Income 41 CET1 Sensitivity to Market Impacts1 TO A 10% CURRENCY DEPRECIATION2 TO A 10% DECLINE IN TELEFONICA’S (MAR-25) SHARE PRICE (MAR-25) MXN -9bps TRY -4bps -2 bps USD +17bps TO +100 BPS MOVEMENT IN THE TO +100 BPS MOVEMENT IN THE MEXICAN SOVEREIGN BOND SPANISH SOVEREIGN BOND (MAR-25)
Slide 42: Risk-weighted assets by business area
1Q25 Fixed Income 42 Risk-weighted assets by business area Fully-Loaded RWAs Δ (%) Breakdown by business area (€M) Mar-24 Dec-24 Mar-25 vs. Mar-24 vs. Dec-24 Spain 119,976 120,661 121,219 1.0% 0.5% Mexico 97,517 92,925 87,158 -10.6% -6.2% Turkey 58,558 64,821 65,961 12.6% 1.8% South America 52,360 5
Slide 43: Group RWA breakdown
1Q25 Fixed Income 43 Group RWA breakdown TOTAL RWA BREAKDOWN PHASED-IN 51% IRB Models ▰ Optimizing Capital Allocation is part of BBVA’S 0.3% CVA Strategic Priorities 1.0% FX Risk 87.1% Credit Risk ▰ Limited usage of internal 3.3% Trading Act Risk models in Credit Risk RWAs 8.3% Operational Risk 49%
Slide 44: Debt Issuances 2024 - 2025 YTD
1Q25 Fixed Income 44 Debt Issuances 2024 - 2025 YTD BBVA, S.A. PRODUCT ISSUE DATE CALL DATE MATURITY NOMINAL COUPON T2 Feb-25 Feb-32 Feb-37 € 1,000 M 4.000% AT1 Jan-25 Jan-32 Perp $ 1,000 M 7.750% T2 Aug-24 Aug-31* Aug-36 € 1,000 M 4.375% AT1 Jun-24 Jun-31* Perp € 750 M 6.875% SP Jun-24 - Jun-27 € 1
Slide 45: Called notes 2018 - 2025 YTD
1Q25 Fixed Income 45 Called notes 2018 - 2025 YTD* BBVA follows an PRODUCT ISSUE DATE REDEMPTION OUTSTANDING COUPON economic CURRENCY (M) call policy BBVA, S.A. AT1 Ago-19 Mar-25 $ 1,000 6.500% BBVA, S.A. T2 Jan-20 Jan-25 € 1,000 1.000% BBVA, S.A. AT1 Mar-19 Mar-24 € 1,000 6,000% BBVA, S.A. T2 Feb-1
Slide 46: Wholesale maturities 2025 - 2029+
1Q25 Fixed Income 46 Wholesale maturities 2025 - 2029+ Bn € EURO 2025 2026 2027 2028 2029+ TOTAL Senior Preferred 4.7 2.0 2.3 0.2 5.5 14.7 Senior Non Preferred 1.9 1.2 1.9 1.1 1.9 8.1 Covered Bonds 0.4 1.0 1.7 0.0 0.9 3.9 Preferred Shares 0.0 1.0 0.9 1.0 2.6 5.5 Subordinated 0.2 0.4 1.3 1.2 4.4 7.5
Slide 47: Main Subsidiaries ratings
1Q25 Fixed Income 47 Main Subsidiaries ratings BBVA & SOVEREIGN 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-/A
Slide 48: Book Value of the main subsidiaries
1Q25 Fixed Income 48 Book Value of the main subsidiaries1,2 € BN; MAR-25 Δ (%) QoQ Mexico 18.8 -6.6% Turkey 7.4 -7.5% Colombia 2.0 +1.1% Argentina 1.6 -1.4% Peru 1.5 -2.9% Uruguay 0.3 +6.2% Chile 0.3 +2.4% Venezuela 0.1 +0.8% (1) Includes the initial investment + BBVA’s undistributed results + FX im
Slide 49: BBVA
BBVA
Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) — Debt Investor Presentation (April 2025) on 6ix