Banco Bilbao Vizcaya Argentaria, S.a. · BME:BBVA
Banco Bilbao Vizcaya Argentaria — FY2023 Earnings Presentation
67 slides from Banco Bilbao Vizcaya Argentaria's earnings presentation, Jan 30, 2024
Slide 1: 2023 Results
2023 Results January 30, 2024
Slide 2: Disclaimer
2023 Results 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 by an
Slide 3: 2023: accelerating profitable growth
2023 Results 3 2023: accelerating profitable growth TOTAL LOAN GROWTH1 NEW CUSTOMERS Expanding our activity and positive impact on society +7.6% vs. 2022 +11 million DIGITAL SALES2 SUSTAINABLE BUSINESS Advancing in the Execution of our Strategy 79% € 70 billion NET ATTRIBUTABLE PROFIT EPS GROWTH (REC
Slide 4: Expanding our activity and positive impact on society
2023 Results 4 Expanding our activity and positive impact on society BBVA GROUP INCLUSIVE GROWTH LOAN GROWTH1 FINANCING (Dec-23, YOY, CONSTANT €) +7.6 % 15 €Bn MOBILIZED IN 2023 140,000 550,000 70,000 20 million FAMILIES BOUGHT SMEs AND LARGER CORPORATES PAYROLLS COLLECTED BY THEIR HOME2 SELF - EMPL
Slide 5: Excellent customer growth driven by digital
2023 Results 5 Excellent customer growth driven by digital NEW CUSTOMERS1 (BBVA GROUP, MILLION; % ACQUISITION THROUGH DIGITAL CHANNELS) DIGITAL TOTAL 65% DIGITAL 13% 2018 2019 2020 2021 2022 2023 (1) Gross customer acquisition through own channels for retail segment. Excludes the US business sold to
Slide 6: Delivering extraordinary customer service supported by our digital strategy
2023 Results 6 Delivering extraordinary customer service supported by our digital strategy MOBILE CUSTOMERS (MILLION CUSTOMERS) NPS2 LEADERSHIP POSITION 52.8 IN ALL COUNTRIES 23.1 # 1 2018 2023 Top 3 in other countries DIGITAL SALES (%, UNITS AND VALUE (PRV1)) BBVA GROUP 79 UNITS +11pp NPS 57 vs. 20
Slide 7: Market share gain in all our countries, growing in the most profitable segments
2023 Results 7 Market share gain in all our countries, growing in the most profitable segments LOAN MARKET SHARES1 Total Loans Consumer + CC Business Loans SPAIN MEXICO TURKEY Var. 23/22 Var. 23/22 Var. 23/22 +78bps +38bps +30bps 2018 2023 2018 2023 2018 2023 COLOMBIA PERU Var. 23/22 Var. 23/22 +0.8p
Slide 8: Channeling sustainable business above the target path
2023 Results 8 Channeling sustainable business above the target path SUSTAINABLE BUSINESS ANNUAL GROWTH (CLIMATE CHANGE AND INCLUSIVE GROWTH) YoY growth € 70 Bn +39% €206 Bn Channeled since 2018 Retail +43% €300 Bn Goal 2025 € 50 Bn Enterprises +99% € 35 Bn € 20 Bn € 18 Bn € 12 Bn CIB +20% 2018 2019
Slide 9: Advancing in the decarbonization of the main emitting sectors
2023 Results 9 Advancing in the decarbonization of the main emitting sectors BBVA’S COMMITMENT IN PORTFOLIO AVERAGE REDUCTION OF EMISSIONS IN THE ALIGNMENT BY 2030 TARGET SECTORS (SYNTHETIC INDICATOR3, % EMISSIONS REDUCTION) SECTOR GOAL 2030 Power -52% kg CO2e/MWh Auto -46% g CO2/km Steel -23% kg CO
Slide 10: Net Attributable Profit sets a new record
2023 Results 10 Net Attributable Profit sets a new record RECURRENT NET ATTRIBUTABLE PROFIT1 (CURRENT €M) +27% vs. 2022 8,019 +22% vs. 2022 6,621 EARNINGS PER SHARE (RECURRENT, €)2 5,069 4,830 4,627 3,084 2017 2018 2018 2019 2019 2020 2021 2020 2022 2021 2022 2023 +26% Reported NAP (€M) 5,324 3,512 1
Slide 11: Outstanding profitability and value creation metrics
2023 Results 11 Outstanding profitability and value creation metrics TBV + DIVIDENDS PROFITABILITY METRICS3 (€ / SHARE1) (%) TBV / share Dividends / share +20.2% vs. 2022 ROTE +68% 9.84 1.382 5.86 ROE 8.46 2018 2019 2020 2021 2022 2023 Dec-18 Dec-23 (1) Total number of shares considered: 6,621mn as o
Slide 12: Exceptional performance vs. competition
2023 Results 12 Exceptional performance vs. competition TBV + DIVIDENDS GROWTH ROTE EFFICIENCY (PER SHARE, 2023 % YoY Var.) (2023, %) (2023, %) +20.2% 52.2% 17.0% 41.7% 13.4% +12.0% European Peer European Peer European Peer Group average1 Group average1 Group average1 (1) European Peer Group: BNPP,
Slide 13: 2023 key financial messages
2023 Results 13 2023 key financial messages 1 CORE REVENUES (NII+FEES) TOTAL LOAN GROWTH1 STRONG CORE REVENUES AND ACTIVITY GROWTH +27.0% vs. 2022 +7.6% vs. Dec. 2022 2 LEADING AND IMPROVING EFFICIENCY RATIO EFFICIENCY WITH POSITIVE 41.7% -370 BPS. vs. 2022 JAWS 3 SOLID ASSET QUALITY TRENDS, COST OF
Slide 14: 2023 Profit & Loss
2023 Results 14 2023 Profit & Loss Change 2023/2022 BBVA Group (€M) 2023 % constant % Net Interest Income 23,089 29 21 Net Fees and Commissions 6,288 21 17 Net Trading Income 2,183 32 13 1 Other Income & Expenses -2,018 -5 19 Gross Income 29,542 30 19 Operating Expenses -12,308 20 15 Operating Income
Slide 15: 4Q23 Profit & Loss
2023 Results 15 4Q23 Profit & Loss Change Change 4Q23/4Q22 4Q23/3Q23 BBVA Group (€M) 4Q23 % constant % % constant % Net Interest Income 5,246 19 -2 0 -18 Net Fees and Commissions 1,694 36 28 11 1 Net Trading Income 753 231 180 45 14 Other Income & Expenses -255 -40 -42 -71 -69 Gross Income 7,438 35 1
Slide 16: Core revenues growth levered on activity and higher spreads
2023 Results 16 Core revenues growth levered on activity and higher spreads LOAN GROWTH CUSTOMER SPREAD CORE REVENUES (YOY, CONSTANT €) (%) (YOY, CONSTANT €M) SPAIN +32% +5.4% +5.9% +3.6% Consumer + Mid-sized Credit Cards companies 4Q22 3Q23 4Q23 4Q22 1Q23 2Q23 3Q23 4Q23 MEXICO +12% +0.9% +19.0% +17
Slide 17: Positive jaws and strong improvement in efficiency
2023 Results 17 Positive jaws and strong improvement in efficiency POSITIVE JAWS EFFICIENCY RATIO (2023 YOY, CONSTANT €) (COST-TO-INCOME, % CONSTANT €) FOOTPRINT INFLATION1 18.6% -370bps 12M AVERAGE +30.3% +19.7% Gross Operating Income Expenses 2022 2023 (1) Weighted by operating expenses and excludi
Slide 18: Asset quality metrics aligned with our expectations
2023 Results 18 Asset quality metrics aligned with our expectations FINANCIAL ASSETS IMPAIRMENTS NPL (CONSTANT €M) (€BN) 4Q22 1Q23 2Q23 3Q23 4Q23 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 COST OF RISK NPL & COVERAGE RATIOS (%, YTD) (%) COVERAGE NPL Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Dec-22 Mar-23 Jun-23 Se
Slide 19: Solid capital position above our target
2023 Results 19 Solid capital position above our target CET1 FULLY-LOADED (%, BPS) -6bps +57 bps -32 bps -36 bps 12.73% +5 bps 12.67% Target Range 11.5%-12.0% SREP Requirement 8.78% Sep -23 Results Dividend RWAs Others1 Dec -23 accrual & AT1 (constant €) coupons (1) Includes, among others, FX and ma
Slide 20: Significant increase of Shareholder Distributions
2023 Results 20 Significant increase of Shareholder Distributions CASH DIVIDEND1 (€cts/share) +28% TOTAL PAY-OUT €55 cts./share 43 2023 31 26 26 Apr-243 50% 39 2 6 of Net Attributable Profit 16 Oct-23 2018 2019 2020 2021 2022 2023 € 4.0 BN equivalent to NEW SHARE BUY BACK PROGRAM4 € 68 cts /share 5 €
Slide 21: We continue on our path to success regarding our ambitious 2021-2024 goals
2023 Results 21 We continue on our path to success regarding our ambitious 2021-2024 goals COST-TO-INCOME ROTE1 TBV + DIVIDENDS (%) (%, ANNUALIZED) (€/SHARE, %) CAGR 2021-2023 HIGH TEENS MID TEENS CAGR SLIGHT IMPROVEMENT 2021-24 CAGR NEW TARGET CUSTOMERS2 SUSTAINABLE BUSINESS (MILLION CUMULATIVE) (€
Slide 22: Business Areas
Business Areas
Slide 23: Spain
2023 Results 23 Spain PROFIT & LOSS (€M) Δ (%) Δ (%) ACTIVITY (DEC-23) €Bn YoY YoY 4Q23 vs. 4Q22 vs. 3Q23 12M23 vs. 12M22 +1.7% Net Interest Income 1,567 44.2 3.8 5,620 48.9 €Bn Net Fees and Commissions 561 7.7 10.0 2,164 0.4 -0.9% Net Trading Income 100 50.8 10.4 409 3.4 Other Income & Expenses -17
Slide 24: Mexico
2023 Results 24 Mexico PROFIT & LOSS (CONSTANT €M) ACTIVITY (DEC-23) (CONSTANT €) Δ Constant (%) Δ Current (%) Δ Constant (%) €Bn YoY YoY 4Q23 vs. 4Q22 vs. 3Q23 12M23 vs. 12M22 vs. 12M22 +10.6% €Bn +13.2% Net Interest Income 2,847 9.5 1.1 11,054 31.9 19.5 Net Fees and Commissions 592 25.1 -0.1 2,226
Slide 25: Turkey
2023 Results 25 Turkey PROFIT & LOSS (CURRENT €M) ACTIVITY (DEC-23) Δ Current (%) Δ Current (%) (CONSTANT €; BANK ONLY) €Bn YoY1 4Q23 vs 4Q22 vs 3Q23 12M23 vs. 12M22 -12.3% Net Interest Income 288 -55.8 -52.2 1,869 -28.4 FC €Bn YoY1 -56.4% Net Fees and Commissions 369 166.4 7.0 998 65.9 Time Net Tra
Slide 26: South America
2023 Results 26 South America NET ATTRIBUTABLE PROFIT ACTIVITY (DEC-23) (CURRENT €M) (CONSTANT €) Δ Current (%) Δ Current (%) €Bn €Bn YoY YoY -9.3% 4Q23 vs. 4Q22 vs. 3Q23 12M23 vs. 12M22 +8.1% Colombia 41 77.6 111.6 156 -35.5 Colombia +11.1% Peru 48 29.4 10.0 203 -1.2 Colombia +5.1% Argentina -5 -11
Slide 27: 2023 Takeaways & 2024 Outlook
2023 Takeaways & 2024 Outlook
Slide 28: 2023 takeaways
2023 Results 28 2023 takeaways Continued progress On track to achieve in the execution of our our ambitious Creating value strategy centered on digitalization, 2021-2024 goals for our innovation and customers, sustainability Significant increase of shareholders, pay-out with a relevant cash dividend
Slide 29: 2024 Outlook
2023 Results 29 2024 Outlook GROUP Net Attributable Profit to SPAIN MEXICO continue to grow in 2024 Loans (eop): Flattish, Loans (eop): growth at outperforming the market double digit NII: growth at mid single digit NII: grow at high single digit, ROTE at high teens, above Fees: slight growth slightl
Slide 30: Annex
Annex 01 Net Attributable Profit 08 CET1 Sensitivity to market evolution impacts 02 Gross Income breakdown 09 CET1 YTD evolution & RWAs by business area 03 P&L Accounts by business 10 Book Value of the main unit subsidiaries 04 Customer spread by country 11 TBV per share & dividends evolution 05 Stag
Slide 31: Net Attributable Profit evolution
01 Net Attributable Profit evolution
Slide 32: Business Areas Contribution to Group's NAP 4Q23 YOY growth
2023 Results 32 Business Areas Contribution to Group's NAP 4Q23 YOY growth NET ATTRIBUTABLE PROFIT (BUSINESS AREAS CONTRIBUTION TO 4Q23 YOY GROWTH; CURRENT €M) +32% 4Q22 Spain Mexico Turkey South Rest of Corporate 4Q23 America Business Center NAP 4Q23 (€M) 645 1,353 161 116 67 -285 NAP growth (YoY)
Slide 33: Business Areas Contribution to Group's NAP 12M23 YOY growth
2023 Results 33 Business Areas Contribution to Group's NAP 12M23 YOY growth NET ATTRIBUTABLE PROFIT1 (BUSINESS AREAS CONTRIBUTION TO 12M23 YOY GROWTH; CURRENT €M) +22% 12M22 Spain Mexico Turkey South Rest of Corporate 12M23 America Business Center NAP 12M23 (€M) 2,755 5,340 528 613 389 -1,607 NAP gr
Slide 34: Gross Income breakdown
BBVA Gross Income breakdown
Slide 35: Gross Income breakdown
2023 Results 35 Gross Income breakdown 12M23 (€M, %) Rest of business 1,103 €M Spain South America 3% 7,888€M 4,331 €M 14% 26% 10% Turkey 2,981 €M 47% Mexico 14,267€M Note: Figures exclude Corporate Center.
Slide 36: P&L Accounts by business unit
03 P&L Accounts by business unit Rest of Corporate Turkey Argentina Colombia Peru Business Center (hyperinflation (hyperinflation adjustment) adjustment) 12M23 12M23
Slide 37: Rest of Business - Profit & Loss
2023 Results 37 Rest of Business - Profit & Loss PROFIT & LOSS (€M) Δ (%) Δ (%) 4Q23 vs 4Q22 vs 3Q23 12M23 vs 12M22 Net Interest Income 134 50.6 -7.9 539 62.3 Net Fees and Commissions 52 -8.4 -12.5 244 0.7 Net Trading Income 66 13.9 -15.2 316 51.9 Other Income & Expenses -1 n.s. n.s. 3 -50.1 Gross In
Slide 38: Corporate Center - Profit & Loss
2023 Results 38 Corporate Center - Profit & Loss PROFIT & LOSS (€M) Δ (%) Δ (%) 4Q23 vs 4Q22 vs 3Q23 12M23 vs 12M22 Net Interest Income -133 n.s. 18.2 -386 253.3 Net Fees and Commissions -4 -38.7 -63.3 -44 40.2 Net Trading Income 12 n.s. n.s. -686 133.6 Other Income & Expenses 39 -15.9 n.s. 87 -17.1
Slide 39: Turkey - hyperinflation adjustment 12M23
2023 Results 39 Turkey - hyperinflation adjustment 12M23 PROFIT & LOSS (€M) 12M23 Hyperinflation 12M23 (reported) (1) adjustment (2) Ex.Hyperinflation Net Interest Income 1,869 72 1,797 Net Fees and Commissions 998 -77 1,075 Net Trading Income 937 -3 940 Other Income & Expenses -824 -2,497 1,673 Gross
Slide 40: Argentina - hyperinflation adjustment 12M23
2023 Results 40 Argentina - hyperinflation adjustment 12M23 PROFIT & LOSS (€M) 12M23 Hyperinflation 12M23 (reported) (1) adjustment (2) Ex.Hyperinflation Net Interest Income 1,880 -1,175 3,055 Net Fees and Commissions 161 -88 250 Net Trading Income 301 -339 640 Other Income & Expenses -1,302 -901 -401
Slide 41: Colombia - Profit & Loss
2023 Results 41 Colombia - Profit & Loss PROFIT & LOSS (€M CONSTANT) Δ (%) Δ (%) 4Q23 vs 4Q22 vs 3Q23 12M23 vs 12M22 Net Interest Income 204 -0.5 5.8 768 -4.9 Net Fees and Commissions 29 22.1 11.6 114 18.3 Net Trading Income 32 27.9 n.s. 92 -6.2 Other Income & Expenses -3 -88.3 -65.8 -13 -45.9 Gross
Slide 42: Peru - Profit & Loss
2023 Results 42 Peru - Profit & Loss PROFIT & LOSS (€M CONSTANT) Δ (%) Δ (%) 4Q23 vs 4Q22 vs 3Q23 12M23 vs 12M22 Net Interest Income 344 13.9 3.0 1,304 21.1 Net Fees and Commissions 72 8.3 6.3 288 3.6 Net Trading Income 50 21.2 1.5 193 19.5 Other Income & Expenses -10 -0.1 1.7 -43 18.2 Gross Income 4
Slide 43: Customer Spread by country
04 Customer Spread by country
Slide 44: Customer spreads: quarterly evolution
2023 Results 44 Customer spreads: quarterly evolution AVERAGE 4Q22 1Q23 2Q23 3Q23 4Q23 4Q22 1Q23 2Q23 3Q23 4Q23 Spain 2.21% 2.75% 3.12% 3.33% 3.42% Turkey TL 7.19% 3.92% 0.81% 0.51% 0.38% Yield on Loans 2.42% 3.11% 3.64% 4.01% 4.28% Yield on Loans 18.67% 16.84% 16.50% 20.20% 28.49% Cost of Deposits
Slide 45: Customer spreads: YtD evolution
2023 Results 45 Customer spreads: YtD evolution AVERAGE 12M22 12M23 12M22 12M23 Spain 1.87% 3.15% Turkey TL 7.19% 0.90% Yield on Loans 1.95% 3.77% Yield on Loans 19.08% 21.05% Cost of Deposits -0.08% -0.61% Cost of Deposits -11.89% -20.15% 1 Mexico MXN 11.79% 12.60% Turkey FC 6.21% 9.01% Yield on Lo
Slide 46: Stages breakdown by business areas
05 Stages breakdown by business areas
Slide 47: Stages breakdown by business areas
2023 Results 47 Stages breakdown by business areas CREDIT RISK BUSINESS BREAKDOWN BY AREA (DEC-23, € M) Gross Accumulated Gross Accumulated Gross Accumulated BBVA GROUP Exposure impairments SPAIN Exposure impairments MEXICO Exposure impairments Stage 1 392,528 2,142 Stage 1 168,863 471 Stage 1 85,29
Slide 48: Exposure to Covid-related loans and Commercial Real Estate
06 Exposure to Covid-related loans and Commercial Real Estate
Slide 49: Exposure to Covid-related loans backed by State guarantees and Commercial Real Estate
2023 Results 49 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 DEC-23) (GROUP’s CRE EAD, %, AS OF DEC-23) 8.7 Bn€1 0.4 Bn€ c.10 Bn€ 2 of which of which 65% Retail 56% Retail c.2
Slide 50: ALCO Portfolio, NII Sensitivity and LCRs & NSFRs
07 ALCO Portfolio, NII Sensitivity and LCRs & NSFRs
Slide 51: ALCO Portfolio
2023 Results 51 ALCO Portfolio ALCO PORTFOLIO BREAKDOWN BY REGION (€ BN) Amort Cost Fair Value (HTC) (HTC&S) (duration Dec-23 (€BN) (€BN) incl. hedges) South America 0.2 4.5 1.5 years Turkey 6.2 2.3 3.7 years Mexico 6.7 11.5 2.5 years Euro 26.0 12.7 2.4 years (1) Spain 20.0 6.0 Italy 3.2 4.1 Rest 2.
Slide 52: NII sensitivity to interest rates movements
2023 Results 52 NII sensitivity to interest rates movements ESTIMATED IMPACT ON NII IN THE NEXT 12 MONTHS TO PARALLEL INTEREST RATE MOVEMENTS(1) (TO +100 BPS INTEREST RATES INCREASE, %) +c.5 % +2.3% EURO BALANCE MEXICO(2) (+1.6% for MXN SHEET BALANCE SHEET) (1) NII sensitivities to parallel interest
Slide 53: Liquidity and funding ratios
2023 Results 53 Liquidity and funding ratios BBVA GROUP AND SUBSIDIARIES LCR & NSFR (DEC-23) LCR NSFR Loan To Total Group 193% / 149%1 131% Deposits BBVA, S.A. 178% 120% 87% Mexico 192% 140% 95% 2 Turkey 212% 178% 76% S. America 97%3 All countries >100% >100% (1) Using a more restrictive criterion o
Slide 54: CET1 Sensitivity to market impacts
08 CET1 Sensitivity to market impacts
Slide 55: CET1 Sensitivity to market impacts
2023 Results 55 CET1 Sensitivity to market impacts1 TO A 10% CURRENCY DEPRECIATION 2 TO A 10% DECLINE IN TELEFONICA’S (DEC-23) SHARE PRICE (DEC-23) MXN -9bps -2 bps TRY -4bps TO +100 BPS MOVEMENT IN THE SPANISH SOVEREIGN BOND (DEC-23) USD +17bps -10 bps (1) CET1 sensitivity considering the FL capita
Slide 56: CET1 YTD evolution & RWAs by business area
9 CET1 YTD evolution & RWAs by business area
Slide 57: Capital YtD evolution
2023 Results 57 Capital YtD evolution CET1 FULLY-LOADED – BBVA GROUP YTD EVOLUTION (%, BPS) 1 2 (1) Includes the reversal of the NPL backstop deduction in January 2023. (2) Includes, among others, minority interests, market related impacts, regulatory impacts and the credit in OCIs that offsets the
Slide 58: Risk-weighted assets by business area
2023 Results 58 Risk-weighted assets by business area Fully-Loaded RWAs Breakdown by business area (€M) Dec-22 Sep-23 Dec-23 Spain 114,474 117,112 121,779 Mexico 71,738 88,290 91,865 Turkey 56,275 53,056 54,506 South America 46,834 50,255 49,117 Argentina 8,089 6,678 4,997 Chile 2,174 2,176 2,145 Co
Slide 59: Book Value of the main subsidiaries
10 Book Value of the main subsidiaries
Slide 60: Book Value of the main subsidiaries
2023 Results 60 Book Value of the main subsidiaries1,2 € BN; DEC-23 Mexico 21.3 Turkey 6.7 Colombia 1.8 Peru 1.4 Argentina 1.1 Chile 0.3 Venezuela 0.1 (1) Includes the initial investment + BBVA’s undistributed results + FX impact + other valuation adjustments. The Goodwill associated to each subsidi
Slide 61: TBV per share & dividends evolution
11 TBV per share & dividends evolution
Slide 62: Shareholder returns: TBV per share & dividends evolution
2023 Results 62 Shareholder returns: TBV per share & dividends evolution TBV PER SHARE & DIVIDENDS1 (€ PER SHARE) TBV Dividends +20.2% 2 2 2 2 (1) 2022 figures restated for IFRS17. Including the deduction of the whole Share Buy Back program. (2) April 2023 dividend per share paid 0.31 € (gross) and O
Slide 63: MREL
BBVA MREL
Slide 64: Sound MREL position
2023 Results 64 Sound MREL position POSITION AS OF DEC-23 (% RWA1) MREL REQUIREMENT2 + CBR SUBORDINATION REQUIREMENT + CBR 26.36% 21.84% 24.81% CBR: 3.35% 16.85% CBR: 3.35% MREL 21.46% Subordination 13.50% 3 3 M-MDA Buffer 154 bps (3.3€bn) Subordination Buffer 499 bps (10.7€bn) Note: Preliminary Dat
Slide 65: Digital metrics
BBVA Digital metrics
Slide 66: Digital metrics mobile customers & digital sales
2023 Results 66 Digital metrics mobile customers & digital sales MOBILE CUSTOMERS DIGITAL SALES - UNITS (MILLION CUSTOMERS, %) % OF TOTAL SALES YTD, # OF TRANSACTIONS) +35% DIGITAL SALES - PRV2 % OF TOTAL SALES YTD, PRV) CUSTOMER PENETRATION RATE1 65.7% 70.3% 73.9% (1) Mobile over active customers.
Slide 67: BBVA
BBVA
Banco Bilbao Vizcaya Argentaria — FY2023 Earnings Presentation on 6ix