Banco Bilbao Vizcaya Argentaria S.A. (BBVA) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, and thank you for joining us for BBVA's third quarter results presentation. As every quarter, I'm pleased to be joined by our CEO, Onur Ghent, and our group CFO, Luisa Gomez Bravo. We will start with a review of the key figures for the quarter, and then we will open the floor for your questions. So without further delay, let me hand it over to Onur. Thank you, Patricia. Good morning to everyone. Welcome, and thank you for joining BBVA's third quarter 2025 earnings webcast. As always, let's jump into the slides, starting with slide number three. And as always, starting with the value creation numbers on the left-hand side of the page, you can see the strong evolution of tangible book value per share plus dividends, which increased by 17% year-over-year and 4.5% in the quarter. In my view, excellent figures. On the right-hand side, you see the profitability ratios. They are sustained at very high levels with an industry-leading return on tangible equity of 19.7%. and ROE of 18.8% in the first nine months of 2025. On page number four, on the left-hand side, we delivered another strong quarter in terms of net attributable profit, once again exceeding the 2.5 billion euros mark, even in the context of a much lower rate environment, obviously. The net attributable profit decreased compared to the previous quarter, mainly to two things, higher inflation in Turkey, which impacts obviously the other income line item, and mostly due to the one-off positive impacts registered in the second quarter. If you remember more specifically, the release of some fiscal provisions affecting the tax rate, and the review of value-added tax, VAT, the payment calculations around this, and in effect, which then affected the operating expenses. The net attributable profit is also ...