Banco Bilbao Vizcaya Argentaria SA

MAD:BBVA

Earnings Call Transcript

[Onur Genç, executive]

We achieved excellent results in the first 9 months of 2023, reaching a net attributable profit of EUR 5.96 billion. This represents a 24% increase versus last year, thanks to the very positive evolution of recurring revenue, particularly in Mexico and Spain. We are clearly delivering on our strategy of profitable growth.

On growth, the greater level of activity allowed us to increase our loan portfolio by 8% over the past year. Furthermore, we acquired 8.3 million new customers and channeled EUR 49 billion of sustainable business between January and September. We are growing, and we are growing in a profitable manner with a return on tangible equity reaching 17% in the last quarter. With this, we are clearly one of the most efficient and profitable banks in Europe.

These earnings also allow us to create value for all of our stakeholders and contribute to the well-being of the society as a whole. We allocate approximately 1/3 of our pretax profit, first to taxes, another 1/3 to future economic growth in the form of lending to our customers. And we dedicate the remaining 1/3 to compensating our nearly 800,000 shareholders, many of whom are small individual savers.

The results we are presenting today are what make our contribution to society possible, a cause that which we are firmly committed.