Results: BBVA earns €2.76 billion in the first half of the year
- Activity: The BBVA Group’s gross lending to customers increased 11% in the last year. In Spain, new production for loans to SMEs, consumer loans and mortgages grew
- Results: Excluding Venezuela, margins grew at double-digit rates year-over-year in the first half. Operating income increased to €2.97 billion in the second quarter, the highest level in 10 quarters
- Risks: BBVA Group’s NPL ratio stood at 6.1% in June vs. 6.4% a year ago, with coverage of 72% (excluding Catalunya Banc, the NPL ratio stood at 5.5%, with coverage of 65%)
- Capital adequacy: BBVA shows a high-quality, solid capital position, with CET1 ratios of 12.3% (phased-in) and 10.4% (fully-loaded) at the close of the first half
- Corporate operations: The sale of a 0.8% stake in CNCB and the integration of Catalunya Banc generated gains of €144 million in the quarter. Furthermore, in July BBVA increased its stake in Garanti, Turkey’s best bank, to 39.9%, in a market with extraordinary growth potential
BBVA more than doubled its net attributable profit in the first half compared to the same period a year earlier, totaling €2.76 billion (+107.7%). Without including the results from corporate operations (CNCB and Catalunya Banc), net income grew 52.9% year-over-year between January and June to €2.03 billion thanks to strong recurring banking revenues.
“Robust activity and an excellent margin performance confirm the profit growth cycle continues,” pointed out BBVA President & COO Carlos Torres Vila.
As for the digital transformation, BBVA continued to increase its digital customer base. Customers who interact with the bank digitally totaled 13.5 million at the end of June, of which 7 million are banking through their cell phones.