Banco Bilbao SEC Filings

Capital Research Global Investors reported beneficial ownership of 181,099,527 shares of Banco Bilbao Vizcaya Argentaria (BBVA), representing 3.1% of the 5,763,285,465 shares the filer believes to be outstanding. The filing shows sole voting power over 180,746,617 shares and sole dispositive power over 181,099,527 shares. The reported holdings include 353,005 Depository Receipts that represent common stock. The filing identifies CRGI as a division of Capital Research and Management Company and related investment management affiliates, and it certifies the securities were acquired and are held in the ordinary course of business and not for the purpose of changing control.

BBVA filed a Form 6-K disclosing results of the 2025 EU-wide EBA stress test covering 2025-2027. The exercise, used for the 2025 Supervisory Review and Evaluation Process, applies a static 31-Dec-24 balance sheet and has no pass/fail threshold.

Baseline scenario: the bank’s fully-loaded CET1 ratio would rise 3.55 pp to 16.43 % by 31-Dec-27.

Adverse scenario: CET1 would fall 2.18 pp to a trough of 10.70 % in 2025, then recover to 11.02 % by 2027, remaining in double-digit territory throughout. No management actions or post-2024 business changes are reflected.

Results indicate BBVA can absorb a severe macro-financial shock while maintaining capital well above typical regulatory minima, supporting dividend capacity and funding flexibility. Investors should watch the forthcoming SREP decision and any updates to capital distribution policy.

BBVA delivered another strong set of results in 2Q25 despite a softer rate backdrop. Net attributable profit reached €2.75 bn, up 18 % YoY at constant FX, driving 6M25 profit to €5.45 bn (+31 %). ROTE climbed to 20.4 % and EPS was €0.46. Core income continued to expand: net interest income rose 11 % YoY (cc) to €6.21 bn and fees grew 18 % to €1.95 bn, more than offsetting a 49 % drop in trading income. Operating jaws remained positive and the cost-to-income ratio improved to 37.6 % (6M).

Asset quality was contained: the NPL ratio stayed at 2.9 % with coverage of 75 %; cost of risk held at 1.32 % YtD. Capital generation was robust—CET1 FL increased 25 bp in the quarter to 13.34 %, comfortably above the 11.5-12 % target range and the 9.12 % SREP requirement. Total loan book grew 11.2 % YoY (cc), led by Spain (+16 %) and Mexico (+12.6 %). Management raised medium-term guidance: group loans now seen growing above mid-single digits, efficiency ratio <40 %, and CET1 surplus of ~€36 bn available for distribution through 2028. The bank expects around €13 bn excess capital to be distributed in the short term, subject to approvals.

BBVA reported record 1H25 results. Net attributable profit reached €5.45 bn, +31 % YoY (+9 % in current euros), driven by a 20 % rise in gross income to €18 bn. Net interest income climbed 10 % to €12.6 bn and fees grew 18 % to €4 bn, taking core revenues to €16.6 bn (+12 %). Operating costs increased 10 %—well below the 13.4 % inflation rate—improving the efficiency ratio 322 bp to 37.6 % and lifting operating income 26 % to €11.25 bn.

Asset-quality metrics remained solid: cost of risk 1.32 %, NPL ratio 2.9 %, coverage 81 %. The CET1 fully-loaded ratio rose 25 bp to 13.34 %, above the 11.5-12 % target range. 2Q25 standalone profit was €2.75 bn (+18 % YoY). Profitability stayed ahead of European peers with ROTE 20.4 % and ROE 19.5 %.

Regional highlights (1H25): Spain €2.14 bn (+21 %), Mexico €2.58 bn (+6 %), Türkiye €0.41 bn (+17 %), South America €0.42 bn (+33 %). Loans grew 16 % in constant FX and the bank added 5.7 m new customers.

Outlook: For 2025 BBVA guides to ROTE ~20 % and efficiency <40 %. The 2025-28 plan targets cumulative profit of ~€48 bn, average ROTE ~22 %, and efficiency ~35 %. Management projects €49 bn CET1 generation over four years, allocating ~€13 bn to growth and ~€36 bn (70 %) to shareholder distributions via dividends and buybacks.

BBVA 1H25: Net attributable profit €5.45 bn, up 9.1 % YoY (+31 % cFX), powered by 11.6 % growth in NII+fees and tight cost control that pushed the efficiency ratio down to 37.6 %. ROTE reached 20.4 % and ROE 19.5 %. Cost of risk held at 1.32 % and the NPL ratio stayed at 2.9 % with 81 % coverage.

Balance-sheet strength: Loans grew 3.4 % (+8.1 % cFX) to €438 bn; customer funds rose 1.7 % to €651 bn. The CET1 ratio climbed to 13.34 %, sitting well above the 11.5–12 % target band, while total capital stood at 17.7 % and the leverage ratio at 6.9 %. Liquidity remains ample (LCR 140 %, NSFR 126 %).

Regional mix: Spain earned €2.14 bn (+21 %), Mexico €2.58 bn (+6 %), Turkey €0.41 bn (+17 %), South America €0.42 bn (+33 %), Rest of Business €0.30 bn (+31 %); Corporate Center loss narrowed to €-0.41 bn.

Capital actions & M&A: FY-24 cash dividends totalled €0.70 per share and a €993 m buyback is pending. The voluntary offer for Banco Sabadell cleared Spanish competition and ministerial reviews, subject to a three-year autonomy condition, and BBVA will proceed.

Sustainability: New €700 bn 2025-29 sustainable business goal; €63 bn channelled in 1H25 (+48 % YoY), 76 % environmental.