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Banco Bilbao Vizcaya Argentaria, S.A. reports developments tied to its role as a global financial services group with banking franchises in Spain, Mexico, South America, the United States Sunbelt, and an ownership position in Turkey's Garanti BBVA. The company's recurring updates cover retail and commercial banking, corporate and syndicated finance, insurance and investment products distributed through banking networks, and economic analysis published by BBVA Research.
BBVA news also includes digital banking initiatives, such as home-equity lending technology, financial education programs, workplace diversity initiatives, leadership recognition, operating results, shareholder voting matters, governance updates, and capital-structure actions.
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The BBVA Research team released its Economic Outlook for Q4 2020, highlighting the ongoing economic effects of the pandemic. While substantial fiscal and monetary measures have alleviated some fallout, their impact is diminishing, leading to concerns about a fragile recovery. The report notes rising permanent unemployment and predicts continued low interest rates from the Federal Reserve. Additionally, the banking sector has expanded deposits and received policy support, but credit quality remains a concern as stimulus fades.
BBVA USA Bancshares reported a net income of $166 million for Q3 2020, a turnaround from a net loss of $124 million in Q2 2020. However, the company has a total net loss of $2.2 billion for the first nine months of the year, largely due to a non-cash goodwill impairment charge. Total revenue for Q3 was $927 million, up 21 percent from Q2 2020 but down 2 percent year-over-year. Loans decreased by 12 percent annualized from the previous quarter, while deposits increased by 4 percent annualized. Nonperforming loans rose to 2.00 percent of total loans.
BBVA Research has released its Economic Outlook for Q4 2020, noting that the pandemic and upcoming elections may create short-term uncertainties. Despite past fiscal and monetary interventions cushioning economic impacts, the effects are diminishing, and recovery appears fragile due to rising permanent unemployment and cyclical challenges. The report indicates the Federal Reserve is likely to maintain low rates as it adjusts its balance sheet strategy, impacting the banking sector which has benefitted from increased deposits and favorable policies to preserve credit quality.
BBVA USA has launched a new secured term loan product that offers a 0.75% rate discount for financing fuel-efficient commercial vehicles. Eligible vehicles include hybrid, electric, natural gas, and fuel-cell options. Additional discounts are available for auto debit payments and for healthcare providers. The promotion is part of BBVA's broader commitment to sustainability and aligns with its 5-year strategic plan. Applications for the loans must be submitted by December 31, 2020.
BBVA USA's Senior Executive Vice President, Rosilyn Houston, has been recognized as one of American Banker's Top 25 Most Powerful Women in Banking for the fifth consecutive year. Houston's initiatives include enhancing employee health awareness, particularly around breast cancer, resulting in a 25% increase in screenings among eligible employees. Additionally, she played a key role in improving employee engagement and satisfaction during challenging times, serving as Chair of the bank's Pandemic Response Team.
BBVA has launched two new animated videos aimed at supporting small businesses during the pandemic recovery. These videos are part of the ongoing "Your Bank for..." marketing campaign, highlighting the connection between small businesses and their communities. The videos, available in 60 and 15-second formats, illustrate the challenges faced by business owners and convey a message of hope and support. This initiative aligns with BBVA's broader efforts to assist small businesses and has been complemented by previous advertising efforts launched on August 10, 2020.
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BBVA Research released its Oil Prices Outlook for September 2020, suggesting that economic conditions are improving but demand remains weak, preventing oil prices from increasing significantly. Economist Marcial Nava anticipates oil prices will stay below $45 per barrel until the end of 2020, with potential upside if a COVID-19 vaccine is introduced by Q4. Additionally, refining activity is still under capacity, and while volatility has decreased, economic recovery remains below pre-crisis levels.
On September 17, 2020, BBVA USA unveiled a sustainability-focused commercial real estate loan aimed at assisting small business owners in covering closing costs for energy-efficient properties. The loan features a discount of 1% (up to $10,000) if the property meets specific environmental standards, such as LEED or ENERGY STAR certifications. This initiative aligns with BBVA's strategic focus on sustainability, which is a key component of their five-year plan initiated in January 2020. BBVA's broader commitment includes mobilizing €100 billion in sustainable financing by 2025.