Banco Bilbao Vizcaya Argentaria, S.a. · BME:BBVA
Banco Bilbao Vizcaya Argentaria — BBVA — Debt Investor Presentation (February 2021)
68 slides from Banco Bilbao Vizcaya Argentaria's debt investor presentation, February 2021
Slide 1: Fixed Income Presentation 4Q20
Creating Opportunities Fixed Income Presentation 4Q20
Slide 2: Disclaimer
Disclaimer This document is only provided for information purposes and does not constitute, nor should it be interpreted as, an offer to sell or exchange or acquire, or an invitation for offers to buy securities issued by any of the aforementioned companies. Any decision to buy or invest in securiti
Slide 3: Index
BBVA Creating Opportunities Index O01 About BBVA 02 BBVA's Strengths « Resilient Operating Income 4 Business areas 4 Sound capital position & proven capacity to generate capital 4 Comfortable liquidity position a Funding Plan 4 Digital edge as a competitive advantage 03 Ratings Annex
Slide 4: About BBVA
QO] About BBVA Creating Opportunities
Slide 5: About BBVA
About BBVA BBVA’'S GLOBAL PRESENCE DEC.20 otal assets customers 736 €bn ; 80.7 m a vm e countries employees >30 4 + 123,174 t digital customers 37m branches 7,432 Fixed Income Presentation 4Q20 ys DIVERSIFICATION UNDER A DECENTRALIZED MODEL DEC.20 TOTAL ASSETS “) GROSS INCOME“) DEC.20 12M20 E Develo
Slide 6: We continue to successfully deliver on sustainability strategy
Fixed Income Presentation 4Q20 fis We continue to successfully deliver on sustainability strategy Helping our clients transition towards a more sustainable future OVERDELIVERING ON BBVA'S PROVIDING SUSTAINABLE FINANCE AND ADVICE 2025 PLEDGE Wholesale clients New sustainable solutions for all segment
Slide 7: BBVA's strengths
O02 BBVA‘s strengths Creating Opportunities
Slide 8: 2020 achievements enhance our strengths
Fixed Income Presentation 4Q20 fs 2020 achievements enhance our strengths / Successfully navigated through the crisis €63 billion with clear priorities DEFERRALS, PAYMENT FLEXIBILITY AND CREDIT FACILITIES PROVIDED THROUGH GOVERNMENT PROGRAMS / Advanced in our strategy A addressing accelerating trend
Slide 9: We face current environment from a position of strength
Fixed Income Presentation 4Q20 fo We face current environment from a position of strength a Ww a Resilient Operating Income Sound capital position and proven capacity to generate capital i ges Digital edge as a competitive Comfortable liquidity position ee
Slide 10: Resilient Operating Income
Resilient Operating Income Creating Opportunities
Slide 11: A proven track record of earnings resilience and low volatility
Fixed Income Presentation 4Q20 fu A proven track record of earnings resilience and low volatility... STRONG AND LOW VOLATILE OPERATING INCOME... / OPERATING INCOME/ RWAS BBVA 2008-2020 (average, %) PEERS 2008-9M20 annualized (average, %) PEER | 4.1% BBVA 3.4% PEER 2 3.4% PEER3 28% PEER 4 2.7% PEERS
Slide 12: ...a trend that has been maintained in 2020...
Fixed Income Presentation 4Q20 & ...a trend that has been maintained in 2020... / OPERATING INCOME / GROUP OPERATING JAWS / COST-TO-INCOME RATIO (%; € Constant) (12M20 YOY, %; € CONSTANT) BBVA GROUP. PERCENTAGE + 11.7% EUROPEAN PEER GROUP L ‘| 52.0 519 63.7% 12,219 FOOTPRINT 10,941 INFLATION i 4.2%
Slide 13: ...with a continued prudent and proactive risk management
Fixed Income Presentation 4Q20 i ..with a continued prudent and proactive risk management ____— RISK FRAMEWORK — | 68 6g . 41 40 5.1 54 49 46 39 NPL Ratio 40 8 ast A Risk Management Model based (%) . on prudence and proactivity Coverageratio 62 6 @ 6 o4 [4 7 6 73 7S (%) RISK MANAGEMENT GOAL 21s To p
Slide 14: Deferrals' payment evolution better than expected
Fixed Income Presentation 4Q20 ya Deferrals’ payment evolution better than expected / TOTAL LOAN DEFERRALS 7 EXPIRED LOAN DEFERRALS GRANTED PAYMENT BEHAVIOR (YTD DEC. 31, 2020; %) (YTD DEC. 31, 2020; %) 7 % Additional solutions 8.5% | OF TOTAL i 8% 2" deferrals LOANS! a 8% in progress? RETAIL 67% 9
Slide 15: Business Areas
Creating Opportunities BUSINESS Areas
Slide 16: A well-diversified footprint with leadership positioning
Fixed Income Presentation 4Q20 Fic A well-diversified footprint with leadership positioning / BREAKDOWN BY BUSINESS AREA TOTAL ASSETS “) DEC.20 Rest of South Eurasia America 3% 0, Turkey’ ge 3% Mexico 15% ~, USA 13% GROSS INCOME ©) 12M20 South Rest of Eurasia America 2% 24% “N® Turkey ( (1) Percenta
Slide 17: Spain
Fixed Income Presentation 4Q20 a = | Spain / ACTIVITY (dEc-20) €Bn YoY 268.5 +8.1% YoY €Bn 165.5 +0.8% Net Interest Income Net Fees and Commissions Net Trading Income crete Denard Bias sina Operating Expenses Mortgagesf§70.0 -3.0% Operating Income Impairrnent on Financial Assets: Consumer + Credit _
Slide 18: USA
Fixed Income Presentation 4Q20 fis = | USA / ACTIVITY (dEc-20) (€ CONSTANT) Profit & Loss YoY 4Q20] YoY €Bn Net Interest Income 603 Bn 69.9 +13.1% Net Fees and Commissions 170 0.0% Net Trading Income 47 57.9 " Other Income & Expenses -4 9 Gross Income 817 Mortgages [912.5 -3.8% Operating E: “479 “38
Slide 19: Mexico
Net Interest Income Net Fees and Commissions Net Trading Incame Other Income & Expenses Gross Income Operating Expenses Operating Income Impairment on Financial Assets Provisions & other gains (losses) Income Before Tax Income Tax Net Attributable Profit / KEY RATIOS CUSTOMER SPREAD (%) Yield on loa
Slide 20: Turkey
GH | Turkey Net Interest Income Net Fees and Commissions Net Trading Income Other income & Expenses. Gross Income Operating Expenses Operating Income Impairment on Financial Assets Provisions & other gains (losses) Income Before Tax Income Tax Non-controlling Interest Net Attributable Profit / KEY R
Slide 21: South America
» | South America Net Attributable Profit 4920 Colombia 64 38 165 -38.0 -28.9 Peru 35 217 10 -45.6 Ale Argentina a7 ns. 89 -33.9 ns, Other ® 20 10.6 82 -31.7 -20.2 South America 147 8.8 446 -38.2 -22.6 (1) Venezuela in current€m (2) Other includes BBVA Forum, Venezuela, Paraguay, Uruguay and Bolivia
Slide 22: 2021 Operating Outlook
2021 Operating Outlook 7 Core revenues to continue growing with sent improving mix, price management and \ fee income as key levers ASinSunSAD VA. 7 Costs to grow below inflation 4 2021 CoR below 2020 levels, although uncertainties remain a TILL TYTN) bo bbbe | a NAAM ane an }
Slide 23: Sound capital position
Sound capital positi Creating Opportunities
Slide 24: A proven ability to generate capital, with lower volatility and superior resilience
Fixed Income Presentation 4Q20 yt A proven ability to generate capital, with lower volatility and superior resilience Ability to generate capital Lower volatility Superior resilience under stress CET1 FULLY-LOADED (~%) CET1 RATIO VOLATILITY EBA STRESS TEST 2018: SEP.08 to SEP.20 ADVERSE SCENARIO CET
Slide 25: Outstanding capital position, well above requirements
Fixed Income Presentation 4Q20 fs Outstanding capital position, well above requirements / CET1 FULLY-LOADED QUARTERLY EVOLUTION (%, bps) 14.58% c.600 bps Above minimum +21 bps TY requirement? 5 30 bps 15 bps 11.73% 11.52% H = = = -14 bps -10 bps Sep-20 Results Dividend’ FX and Others? Dec-20 Dec-20°
Slide 26: Capital target increase
Capital target increase Fixed Income Presentation 4Q20 f 2c New CET1 FL target range: 11.5 - 12.0% / CET1 FULLY-LOADED PERCENTAGE c. €8 bn excess Capital over target! 14.58% New target range 11.50-12.00% 11.73% Previous target range 10.84-11.34% Minimum requirement 8.59% 2020 2020 Pro-Forma / CET1 T
Slide 27: Lowest SREP requirement among peers
Fixed Income Presentation 4Q20 fe Lowest SREP requirement among peers / CET1 SREP REQUIREMENT / DISTANCE TO MDA BASED ON 2021 REQUIREMENT BBVA DEC.20 / PEERS SEP.20 624 bps Pro-forma! 611 605 10.44% 405 9.65% 9.22% 9.05% 9.04% 9 Y Se 0 6 8.90% 8.86% 865% 3.59% 303 259 258 R2 crER| (as PEER3 PEER 4 (
Slide 28: High quality capital
Fixed Income Presentation 4Q20 fos High quality capital 9, / RWA/ TOTAL ASSETS / LEVERAGE RATIO FL protornal BBVA DEC.20 / PEERS SEP.20 BBVA DEC.20 / EUROPEAN PEERS SEP.20 BBVA a 48°, PEER 1 6.6% PEER 1 37% BBVA i 6 5) PEER 2 37% PEER 2 6.3% PEER 3 35% PEER 3 6.2% PEER 4 34% PEER 4 5.6% PEER 5 34% P
Slide 29: BBVA USA transaction shows disciplined value-based approach to capital allocation
Fixed Income Presentation 4020 f 20 BBVA USA transaction shows disciplined value-based approach to capital allocation We will deploy the excess capital: wh In our markets through profitable growth and cost reduction 7) Through increased distributions to shareholders Significant EPS and TBV per share
Slide 30: Capital deployment. Profitable organic growth with a disciplined approach
Fixed Income Presentation 4Q20 Ea Capital deployment. Profitable organic growth with a disciplined approach / PORTFOLIO GROWTH AND PROFITABILITY / REGULATORY CAPITAL ALLOCATION RORC 2020 AND PORTFOLIO GROWTH 2017-20! RORC 2017-20 AVG. AND REGULATORY CAPITAL GROWTH 2017-20! Credit cards Consumer Mexi
Slide 31: Capital deployment. Shareholder distributions
Fixed Income Presentation 4Q20 iE Capital deployment. Shareholder distributions Extraordinary 2020 dividend 2021 ordinary dividend distributions Follows regulatory Plan to recover our clear, The excess capital allows guidance predictable and sustainable for additional policy once regulatory distribu
Slide 32: CET1 ratio sensitivity to market movements
Fixed Income Presentation 4Q20 EE CET1 ratio sensitivity to market movements © / TO CURRENCY DEPRECIATION BBVA GROUP FX HEDGING POLICY CAPITAL SENSITIVITY TO A 10% DEPRECIATIATION —_> (JAN.21) poticy BBVA hedges c.70% of the excess MXN -5 bps capital (what is not naturally hedged by the ratio) goa.
Slide 33: BBVA Group RWA Distribution
Fixed Income Presentation 4Q20 p33 BBVA Group RWA Distribution / TOTAL RWAS FULLY-LOADED DEC.20 352,679 €Mn 30% see + 37% IRB Models a Optimizing Capital O \ CVA) 0.4% Allocation is part of ag | FX Risk 0.9% BBVA’s Strategic 17% Trading Act. Risk Ps 30 oo. - : Priorities : Operational Risk 0,0% Cred
Slide 34: High level of Available Distributable Items (ADIs)
Fixed Income Presentation 4Q20 yt High level of Available Distributable Items (ADIs) / BBVA, S.A.- PARENT COMPANY DEC.20, €BN €6.3Bn BBVA S.A. a Significant ADIs: ’ payment capacity " from distributable items despite c. 22x conservative calculation 2020 AT] coupons (Share Premium not included) am Su
Slide 35: Comfortable liquidity position
Comfortable liqui position Creating Opportunities
Slide 36: Liquidity ratios well above 100% minimum requirements
Liquidity ratios well above 100% minimum requirements / BBVA GROUP LIQUIDITY AND FUNDING METRICS DEC.20 DEC.20 South Eurozone @) USA Mexico Turkey ; America LTD 89% 83% 93% 94% (4) 91% LCR 173% 144% 196% 183% >100% NSFR 121% 126% 138% 154% >100% 57% = Net Loans to LCR Group NSFR Group Customers 1 49
Slide 37: BBVA guidelines for managing Liquidity & Funding
Fixed Income Presentation 4Q20 yo” BBVA guidelines for managing Liquidity & Funding a Self-sufficient subsidiaries from a liquidity point of view, with robust supervision and control by parent company a Retail profile of BBVA Group balance sheet with limited dependence on wholesale funding
Slide 38: Principles of BBVA Group's self-sufficient business model
Fixed Income Presentation 4Q20 ES Principles of BBVA Group's self-sufficient business model: Multiple Point of Entry * Advantages ) Subsidiaries a Liquidity and capital buffers in different | Self-sufticienfbalance-sheet 2 balance sheets management emge a Improves risk assessment: imposes F RN marke
Slide 39: Funding Plan
Slide 40: 2021 Funding Plan
Fixed Income Presentation 4Q20 yo 2021 Funding Plan BBVA, S.A. redeemable instruments in 2019/20 were Te 74 BBVA,S.A. 2020 2021 Strategy () calledat first reset date (€ bn) Executed (subject to market conditions) ATI 1.0 We do not foresee any need to fund new AT1 / T2 through a public transaction Ti
Slide 41: Broaden geographical diversification of access to market
Fixed Income Presentation 4Q20 ya Broaden geographical diversification of access to market 7 MEDIUM & LONG-TERM WHOLESALE FUNDING MATURITIES DEC.20, €BN 17.8 EURO 8.4 7.0 67 49 ™ ( Ability to access € 44.8 bn | | . . _ = | = funding markets in USA os all our main € 2.7bn 10 28 9.0 05, 0.6 subsidiari
Slide 42: Digital edge as a competitive advantage
Digital edge as a competitive advanta Creating Opportunities
Slide 43: Leveraging our digital capabilities to better serve our clients
Fixed Income Presentation 4Q20 a Leveraging our digital capabilities to better serve our clients 74 MOBILE CUSTOMERS MILLION CUSTOMERS, PERCENTAGE 34.5 Dec-18 Dec-19 Dec-20 Dec-16 Dec-17 24.9% 35.1% 43.8% 51.8% 59.0% MOBILE PENETRATION (1) Product Relative Value as a proxy of lifetime economic repre
Slide 44: Our digital capabilities have proven to be differential in reaching more customers
Fixed Income Presentation 4Q20 faa Our digital capabilities have proven to be differential in reaching more customers 7 GROSS NEW CUSTOMERS ACQUISITION’ (MN CUSTOMERS, % CUSTOMERS ACQUIRED THROUGH DIGITAL CHANNELS) DIGITAL ACQUISITION +5@ vs. 20 TOTAL NON-DIGITAL2 DIGITAL (1) Gross customer acquisit
Slide 45: Ratings
O3 Ratings Creating Opportunities
Slide 46: BBVA S.A. Ratings
Fixed Income Presentation 4Q20 yee BBVA S.A. Ratings ©” BBVA LONG TERM BBVA RATINGS BY TYPE OF INSTRUMENT SENIOR UNSECURED RATINGS Moody's S&P Fitch DBRS Moody's _| Stable outlook } (Jun. 19%, 2019) Investment grade r sap | Negative outlook } (Apr. 29h, 2020) BBB(H) BBB Fitch —_| Stable outlook Sa B
Slide 47: Annex
Annex « BBVA Group 2020 Profit & Loss a ALCO portfolio a Nil sensitivity to rates movements « Sovereign Exposure by geography « Outstanding loan commitments to non- financial corporations a Stages breakdown by business area a EAD to most vulnerable sectors a Loan deferrals classification « Outstandi
Slide 48: 2020 Profit & Loss
Fixed Income Presentation 4Q20 & 2020 Profit & Loss Change 2020/2019 BBVA Group Net Interest Income 16,801 -7.3 3.6 Net Fees and Commissions 4,616 8.3 -0.4 Net Trading Income 1,692 22.3 37.6 Other Income & Expenses -135 ns. ns. Gross Income 22,974 -6.1 4.5 Operating Expenses -10,755 -9.6 -2.6 Operat
Slide 49: ALCO portfolio
Fixed Income Presentation 4Q20 fas ALCO portfolio / ALCO PORTFOLIO BREAKDOWN BY REGION (€BN) Amort Cost Fair Value 50.8 960 976 8 (HTC) (HTC&S) South America m 27 | 79 | 30 December 2020 (€BN) (€BN) — (duration) Mexico | 6.3 South America 0.1 3.7 1.2 years Turkey | 79 | 7 | 72 >) Mexico 24 6.6 2.7 y
Slide 50: NII sensitivity to interest rates movements
Fixed Income Presentation 4Q20 fo NII sensitivity to interest rates movements / ESTIMATED IMPACT ON NII IN THE NEXT 12 MONTHS TO PARALLEL INTEREST RATE MOVEMENTS (%) NII SENSITIVITY TO +100 BPS NII SENSITIVITY TO -IOOBPS 20% 0% 15% -5% 10% -10% ~ — _ 0% -20% Euro Mexico Euro Mexico Note: Nil sensiti
Slide 51: Sovereign Exposure by geography
Sovereign Exposure by geography ©’ Dec.20,€ bn Amortized Cost Fair Value debt securities §j debt securities (HTC) (HTC&S) Spain 13.3 20.8 Italy 3.8 3.0 Portugal 0.0 0.0 Mexico 3.3 8.0 USA 79 6.2 Turkey 3.6 3.4 All Others Sovereign Non-trading Trading financial assets securities fj mandatorily at fai
Slide 52: Outstanding loan commitments to non-financial corporations
€ bn USA1 26.1 Spain 20.1 Eurasia 17.6 Turkey 2.4 Mexico 3.2 South America 1.6 Total Group 71.0
Slide 53: Stages breakdown by business area
Fixed Income Presentation 4Q20 & Stages breakdown by business area / CREDIT RISK BREAKDOWN BY BUSINESS AREA (DEC-20, € MN) BBVA GROUP asa, oe BEE usa 30 oars Stage | Sage 1 170,678 744 Stage 50,594 282 Stage2 43,423 2,835 Stage 2 16,131 790 Stage 2 9,260 467 Stage 3 16.681 8,390 Stage 3 8.340 4,035
Slide 54: Exposure at default to most vulnerable sectors
Fixed Income Presentation 4Q20 fsa Exposure at default to most vulnerable sectors in the current environment / BREAKDOWN BY SECTORS (DEC-20) bn€ Leisure! 9.28 Commercial Real Estate 7.00 Developer Real Estate 5.80 Retailers non food 4.98 Upstream & Oilfield services* ? 24) Air transportation 0.97 To
Slide 55: Loan deferrals classification
Expired deferrals by stages TOTAL DEFERRALS GRANTED o/w expired (Jan to Dec '20) as a % of total loans €BN % of total loans % Stage 1 Stage 2 Stage 3 Total Group 33.8 8.5% 80% 4.62% 1.68% 0.47% By segment Mortgages 12.4 12.1% 70% 6.3% 1.7% 0.5% Consumer & credit cards 9.2 7.4% 89% 4.0% 1.9% 0.7% SME
Slide 56: Outstanding loan deferrals
€bn % of loans Total Group 6.8 1.70% Spain 4.1 2.0% Mexico 0.0 0.0% USA 0.3 0.5% Turkey 1.3 3.1% Peru 0.5 2.5% Colombia 0.4 2.8% Argentina 0.3 9.6%
Slide 57: Government backed loans
GROUP SPAIN MEXICO USA TURKEY ARGENTINA COLOMBIA PERU Loans Weight Loans Weight Loans Weight Loans Weight Loans Weight Loans Weight Loans Weight Loans Weight Households 1.2 0.7% 1.0 1.0% 0.0 0.0% 0.0 0.0% 0.0 0.0% 0.1 5.1% 0.0 0.3% 0.2 3.1% Corporates & SMEs 17.3 10.1% 10.8 13.5% 0.0 0.0% 2.5 9.0% 0
Slide 58: Book Value of the main subsidiaries
Fixed Income Presentation 4Q20 fs Book Value of the main subsidiaries “2 € BN, DEC-20 Mexico (ELLE, "|" «| USA (EEE, Turkey ee 3.6 Colombia m3 Peru ma 1.0 Argentina mz 0.8 Chile #03 Venezuela 10.1 (1) Includes the initial investment + BBVA’s undistributed results + FX impact + other valuation adjust
Slide 59: Main Subsidiaries Ratings
Main Subsidiaries Ratings © LONG TERM SENIOR UNSECURED RATINGS BBVA Mexico BBVA USA Garanti BBVA Investment [J AAA/Aaa AAA/Aaa AAA/Aaa grade AA+/Aal AA+/Aal AA+/Aal AM/Aa2 AA/Aa2 AM/Aa2 AA-/Aa3 AA-/Aa3 AA/Aa8 A+/A\ A+/A\ AS/Al A/A2 A/A2 A/A2 A/A3 A-/A3 A/AS BES2782217 Moovy's (BBB27Baa7 sep BBB+/Baa
Slide 60: BBVA Group: Capital YTD evolution
BBVA Group: Capital YTD evolution / CET1 FULLY-LOADED —- BBVA GROUP YTD EVOLUTION (%, BPS) Fixed Income Presentation 4Q20 & -1bp 84 bps Lt . |__| 11.74% [| 21bps -28 bps Dec-19 Net Earnings Dividend FX and accrual & HTC&S AT1 coupons | || 11.73% Others* Dec-20 Includes mainly: RWAs evolution in cons
Slide 61: BBVA Group SREP Requirement and Distance to MDA
T2: 2.38% 0.00% AT1: 1.78% 0.75% 2.50% 0.84% 4.50% 2021 CET1 SREP 2021 Total Capital Requirement SREP Requirement BBVA Group Total capital ratio phased-in Dec.20
Slide 62: Capital Base: BBVA Group & BBVA, S.A.
Capital Base: BBVA Group & BBVA, S.A. PHASED-IN CAPITAL RATIOS DEC.20 (%) Tier 2 Bi Additional Tier 1 MceT CET AT1 T2 Total Capital Base RWA Note: Preliminary Data 16.46 my 222 Hl 1.39 12.15 BBVA Group € 42,931m €6,667m €8,549m €58,147m € 353,272m 20.68 M252 BB 3.03 15.14 BBVA, S.A. € 30,661m €6,130
Slide 63: BBVA, S.A. SREP Requirement and Distance to MDA
T2: 2.38% 0.01% AT1: 1.78% 2.50% 0.84% 4.50% 2021 CET1 SREP 2021 Total Capital BBVA, S.A. Total Requirement SREP Requirement capital ratio phased-in Dec.20
Slide 64: Debt Issuances 2018-2020
Nominal Product Issue Date Call Date Maturity Coupon currency Sept-23 $ 1,200 M 0.875% SP Sep-20 - Sept-25 $ 800 M 1.125% Tier 2 Jul-20 Jul-26 Jul-31 GBP 300 M 3.104% AT1 Jul-20 Jan-26 Perp € 1,000 M 6.000% SP May-20 - Jun-25 € 1,000 M 0.75% SNP Feb-20 - Aug-26 CHF 160 M 0.125% Tier 2 Jan-20 Jan-25
Slide 65: Called notes 2018-2020
Outstanding Product Issue Date Redemption Coupon currency (M) Preferred Ago-05 Jan-21 € 75 M 10yCMS+0.10% Preferred Jul-07 Jan-21 £ 31.2 M 3m£+0.875% Preferred Jul-06 Jan-21 € 90 M 3mE+1.95% AT1 Feb-15 Feb-20 € 1,500 6.75% Tier 2 Jun-09 May-19 € 4.88 3ME + 5.25% Tier 2 Apr-14 Apr-19 € 1,500 3.50% AT
Slide 66: Turkey — Liquidity & funding sources
Fixed Income Presentation 4Q20 & Turkey — Liquidity & funding sources a Solid liquidity position: + Total LTD ratio is at 93.5%, decreasing by -2.2 p.pin 4Q20 driven by a decrease both in TRY and FC LtD * Foreign currency loans decreased by USD 0.4Bn toc. USD 12.6 Bn in 4Q20 + Liquidity ratios above
Slide 67: Outstanding trend in digital sales
Outstanding trend in digital sales (% OF TOTAL SALES YTD, # OF TRANSACTIONS AND PRV') GROUP 64.0 57.7 13 ee UNITS 48.7 PRV AVo 33.0 Dec-18 Dec-19 Dec-20 O)) MEXICO 62.8 55.1 43.7 53.7 43.5 2S) Dec-18 Dec-19 Dec-20 Group and South America figur (1) Product Relative Val lude Venezuela, Chile and Parag
Slide 68: BBVA
BBVA