Banco Bilbao Vizcaya Argentaria S.A. (BBVA) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, and thank you all for joining BBVA's First Quarter's Earnings Call. As in previous quarters, I'm joined today by our CEO, Onur Ghent and the group CFO, Luisa Vomit Bravo. First, they will walk you through quarterly figures, after which we will open the line for the live Q and A session. With that, I hand it over to Anu. Thank you, Patricia. Good morning to everyone. Welcome, and thank you for joining BBVA's first quarter twenty twenty six earnings webcast. Starting with Slide three, and as always, beginning with value creation. On the left hand side of the page, you can see the strong evolution of tangible book value per share plus dividends, growing 5% in the quarter and 14.7% year on year, driven by our excellent results as we will see in the following slides. It's also worth highlighting here that excluding the impact of the share buyback programs, the year on year growth would have been 18.1%. And on this one, as you know, in the fourth quarter of twenty twenty five, we executed EUR $993,000,000 share buyback program. And at the moment, we are currently executing the nearly EUR 4,000,000,000 program announced in December 2025, of which EUR 2,500,000,000 has already been completed across two tranches. As you all know, and as these buybacks have been carried out at a premium to book value, they clearly create value for our shareholders, but they have a negative impact on tangible book value per share. On the right hand side of the slide, our profitability ratios have further improved, reaching an industry leading return on tangible equity of 21.7% and return on equity of 20.7. On Page four, on the left hand side, we delivered another very strong quarter in terms of net attributable profit, reaching almost EUR 3,000,000,000, as you can see. This repres...