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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.
The U.S. labor market showed signs of recovery in August, with non-farm payrolls increasing by 1.4 million and the unemployment rate dropping to 8.4%. Temporary layoffs decreased by over 3 million, and labor force participation rose to nearly 62%. Weekly earnings gained 0.4% month-over-month, reflecting a 4.7% annual increase. Despite positive trends, the full recovery to maximum employment remains uncertain due to pandemic impacts. BBVA Research indicates low policy rates will persist as wage-inflation pressures are contained.
BBVA USA has been announced as the presenting sponsor for The World Games 2022 Volunteer Program in Birmingham, showcasing its commitment to local support. The event will feature over 3,600 athletes competing in 33 sports from July 7-17, 2022. The volunteer program aims to recruit more than 2,000 individuals to assist in various capacities during the Games. This sponsorship further solidifies BBVA's involvement in enhancing community engagement and reflects the bank's ongoing support for Birmingham, where its headquarters are located.
BBVA Research has released its Economic Outlook for Q3 2020, highlighting the economic turmoil caused by COVID-19. The pandemic has revealed significant economic vulnerabilities and resulted in one of the worst recessions since World War II, with a forecasted growth decline of -5.1% in 2020 and a modest recovery of 3.5% in 2021. The report emphasizes that social and fiscal policy effectiveness will be crucial for recovery. Key topics include labor market forecasts, personal savings changes, and consumer loan balances.
BBVA USA has launched an ad campaign titled "Your Bank for..." aimed at supporting individuals and businesses recovering from the pandemic. The ads, which began airing on August 10, emphasize resilience and position the bank as a key partner in financial health. Two 15-second spots target small businesses and consumers, highlighting services and technology investments made pre-pandemic. BBVA's efforts include facilitating approximately $3.3 billion in small business loans through the SBA's Paycheck Protection Program, impacting about 360,000 jobs.
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BBVA USA has been recognized by Greenwich Associates in their Standout Banks Amid Crisis list for its effective response to COVID-19. The bank processed over 22,000 Paycheck Protection Program applications, providing approximately $3.3 billion in small business loans, thus impacting 360,000 jobs. BBVA USA's swift development of an online loan application in just three days showcases its resilience during the pandemic. This recognition reflects the bank's commitment to supporting U.S. businesses and maintaining operational excellence amidst challenging conditions.
BBVA Research has released an economic analysis detailing a historic drop in U.S. GDP for Q2 2020, reporting a staggering 32.9% annualized decline, the steepest since 1937. This contraction exceeds $2 trillion, marking a 9.5% year-over-year drop. The report highlights significant shifts in consumption patterns influenced by the COVID-19 pandemic, with personal consumption expenditures plummeting over 34%. Despite maintaining a growth forecast for 2020 at -5.1%, rising COVID-19 cases are creating further downside risks.
BBVA USA announced a collaboration with Google to launch a digital bank account through Google Pay, which aligns with BBVA's five-year strategic plan focused on reaching more customers and enhancing financial health. Set to launch in 2021, this FDIC-insured digital account will leverage BBVA's infrastructure alongside Google's technology for an intuitive user experience. The partnership emphasizes BBVA's commitment to digital transformation and innovation, potentially expanding customer accessibility in a changing financial landscape.
BBVA USA Indirect Auto Executive Melissa Sacher has been recognized in American Banker's Most Powerful Women in Banking: Next list. Sacher has been with BBVA since 2005, and in 2019, she took charge of the $3.6 billion indirect auto lending division, reviving it into a double-digit growth sector. Her leadership style, emphasizing communication and team support, has earned her accolades from peers, including COO Rafael Bustillo. The recognition will be featured in the August 2020 issue of American Banker.
BBVA USA reported a net loss of $124 million for Q2 2020, down from a profit of $160 million in Q2 2019. The bank’s total loans rose to $68.5 billion, an 8% increase year-over-year, driven by the commercial loan portfolio and $3.3 billion in PPP loans. Total deposits reached $85.4 billion, a 42% annualized increase from Q1 2020. Despite robust loan and deposit growth, total revenue fell to $881 million, down 10% Q/Q and 7% Y/Y, primarily due to lower interest rates. Nonperforming loans rose to 1.21% of total loans, with a significant increase in provisions for credit losses amid the pandemic.