Banco Bilbao Vizcaya Argentaria (BOY) Q3 2026 Earnings Report
CH:BOY Q3 2026 EPS Results
- Actual EPS
- CHF 0.49
- Consensus EPS
- CHF 0.49
- Beat/Miss
- Missed by -CHF 0.00
- One Year Ago EPS
- CHF 0.39
CH:BOY Q3 2026 Revenue Results
- Actual Revenue
- CHF 21.92B
- Expected Revenue
- CHF 9.95B
- Beat/Miss
- Beat by +CHF 11.97B
- YoY Revenue Growth
- +19.28%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/29/2026
- Time
- Before Open
- Conference Call
- Thursday, October 29, 2026
CH:BOY Upcoming Earnings
Banco Bilbao Vizcaya Argentaria's next earnings date is estimated for February 4, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q3 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive overall. BBVA reported record nine-month profit, robust core revenue and loan growth, leading profitability and efficiency metrics, stable group asset quality, and an improved group-level ROTE outlook. The main challenges were the 20-basis-point CET1 decline, higher Turkey and potentially South America cost of risk, Spain trading-income pressure, mortgage market-share losses, and a higher SREP requirement, but management maintained its key guidance and expressed confidence in future growth and capital generation.
Company Guidance
BBVA maintained its positive outlook and improved group ROTE guidance to above 20%, clarified as About 21, while expecting ROTE to further improve in 2027 and 2028 against a 22% average midterm commitment; Mexico lending growth guidance remains around 10%, with a positive bias, and customer spread is expected to have reached the bottom, while Turkey cost of risk could come slightly above 220 basis points and net profit guidance remains around EUR 1 billion with a downward bias, South America cost of risk could come slightly above guidance of below 250 basis points, Spain cost of risk is guided at low 30s and NII remains within low to mid-single-digit growth guidance with slight customer-spread improvement, SRT guidance is between 30 to 40 basis points for the year with 12 to 14 basis points expected in the fourth quarter, the 11.5% to 12% CET1 management target is unchanged, and BBVA still expects EUR 36 billion of distributions to shareholders or excess capital above EUR 12 billion from EUR 49 billion of capital generation between 2025 and 2028, with EUR 13 billion dedicated to growth.
- Strong Shareholder Value Creation and ProfitabilityTangible book value per share plus dividends increased 14.3% year-over-year; excluding the impact of share buybacks, underlying tangible book value growth was nearly 20% year-over-year. Return on tangible equity was 22% and return on equity was 20.8% for the first nine months, positioning BBVA as the most profitable large bank in Europe.
- Quarterly and Year-to-Date Profit GrowthNet attributable profit exceeded EUR 3 billion in the quarter, increasing 19.1% year-over-year. Earnings per share grew nearly 23.9% year-over-year, supported by share buyback programs. First-nine-month net attributable profit surpassed EUR 9 billion, reaching a record EUR 9.07 billion, up 13.6% year-over-year.
- Sustained Loan Growth and Positive Earnings OutlookLoan growth exceeded 20% year-over-year in current euros at the end of the last quarter. Management cited supportive macroeconomic conditions, good prospects for continued lending growth in Mexico and Spain, and fading interest-rate headwinds in both markets. Management expects volume growth to increasingly translate into earnings growth.
- Core Revenue ExpansionNet interest income increased 16.5% year-over-year and 5.7% quarter-over-quarter in constant euros, serving as the main driver of net attributable profit growth. Net fees and commissions rose 12.4% year-over-year, driven mainly by payments and asset management. Net trading income increased 5.7% year-over-year, while gross income increased 15.7% year-over-year and 4.2% quarter-over-quarter.
- Positive Operating Leverage and EfficiencyFor the first nine months, gross income grew 16.3% year-over-year while expenses increased 16%, resulting in positive jaws even including nonrecurring items. The efficiency ratio improved by 9 basis points to 37.9%; excluding the stated nonrecurring effects, the improvement would have been 81 basis points.
- Stable Group Asset QualityGroup asset quality metrics remained broadly stable despite strong lending growth. Cost of risk was broadly stable at 144 basis points for the first nine months, the NPL ratio remained at 2.6%, and the coverage ratio was 84%.
- Spain Lending and Deposit MomentumSpain lending grew 7.3% year-over-year, with consumer and enterprise lending both growing at around 10%. Deposits increased 5.8% year-over-year, driven by retail deposit growth, customer acquisition, transactionality, and wholesale time deposits. Approximately 80% of the EUR 4 billion increase in demand deposits came from retail.
- Spain Earnings and Margin OutlookSpain generated EUR 934 million of net profit in the quarter and EUR 3.1 billion in nine-month earnings, up 2.3% year-over-year excluding the stated VAT adjustments and redundancy costs. Spain NII increased 3.4% year-over-year and 1.2% quarter-over-quarter. Management expects customer spread to improve slightly, supported by loan repricing, and expects fourth-quarter spread performance to be better than in the third quarter.
- Spain Customer Acquisition and Market Share GainsBBVA expects to reach close to 1 million new customers in Spain by year-end, with more than 70% becoming primary customers and more than 30% becoming payroll customers within the first six months. Small-business customer additions are expected to exceed 70,000 this year. Payroll market share was above 17% and increased 30 basis points year-over-year. Market share increased 6 basis points in consumer lending and 51 basis points in commercial lending.
- Strong Mexico GrowthMexico loan growth accelerated to 12% year-over-year, supported by stronger demand from midsized companies and retail lending. Consumer loans grew 9%, credit cards 11%, SMEs 10%, and other commercial lending 17%. BBVA reported a 34% SME market share and said it expects to beat its approximately 10% lending-growth guidance, while retaining a positive bias.
- Mexico Revenue and Efficiency PerformanceMexico net profit for the first nine months was stated as EUR 4.5 billion, up 8.4% year-over-year in constant euros. NII increased 8.5% year-over-year and 2.6% quarter-over-quarter, with lending growth more than offsetting remaining customer-spread pressure. Fees grew 7% year-over-year, gross income increased 8.5%, and the cost-to-income ratio was 30.7%.
- Mexico Customer Spread Expected to RecoverManagement said Mexico customer spread had reached the bottom, excluding mix effects, after loan and deposit repricing was completed. The central-bank rate was 6.5%, which management said was expected to remain at those levels for some quarters. Management remained very positive on Mexico for the coming quarters and 2027.
- Turkey Revenue GrowthTurkey net profit reached close to EUR 260 million in the third quarter, with cumulative earnings of EUR 799 million, close to 22% higher year-over-year in current euros. NII increased 16.8% quarter-over-quarter, benefiting from improved Turkish lira customer spreads, normalized funding conditions, funding-cost optimization, and higher lending volumes.
- South America Earnings GrowthSouth America net profit reached EUR 265 million in the quarter and EUR 821 million for the first nine months, up 42% year-over-year in current euros. The loan book increased close to 15% year-over-year in constant euros, supported by improved customer spreads in Colombia and Peru. Payments and transactional fee services also contributed positively, and the regional cost-to-income ratio was 41.5%.
- Rest of Business and CIB ExpansionRest of business generated EUR 291 million of quarterly net profit, up 7% quarter-over-quarter, and EUR 800 million in the first nine months. Gross income increased close to 12% quarter-over-quarter, while cost of risk declined to 11 basis points year-to-date. Approximately 90% of CIB revenues were client-driven and close to 40% involved cross-border activity.
- Profitable CIB Growth and Risk ControlsManagement reported a 23% return on capital for CIB excluding Argentina and Turkey, and a 20% to 24% return on capital range for rest of business depending on revenue classification. AI-related project financings were described as mainly involving data centers, with 95% backed by investment-grade hyperscalers. Management said the bank felt comfortable with its net exposure and that risks were well controlled.
- AI Transformation ProgressBBVA reported tangible positive effects from AI, including improved customer experience and productivity. Its AI-powered voice assistant achieved close to a 90% successful resolution rate in pilot interactions, while initial AI agents reduced preparation time for enterprise financial programs on the risk side by as much as 30%. The bank is industrializing its AI framework to build, deploy, and manage AI agents at scale with full control.
- Shareholder Distributions and Capital OptimizationBBVA paid a record interim dividend of EUR 0.37 per share on October 15 and began executing the second EUR 1 billion tranche of its extraordinary EUR 2 billion share buyback. Management reiterated its plan to deliver EUR 36 billion in distributions to shareholders or excess capital during 2025-2028, while noting that more than EUR 13 billion could potentially be dedicated to growth.
- SRT Pipeline and Capital BenefitsManagement expects fourth-quarter SRTs to contribute approximately 12 to 14 basis points to capital, compared with 3 basis points in the third quarter, with transactions already in process. The bank expects to deliver toward the upper end of its 30 to 40 basis-point SRT impact target for the year and said the new European securitization framework should facilitate additional SRT activity.
- Digital Franchise Expansion in Italy and GermanyBBVA reached 1 million customers in Italy five years after launch, exceeding its original business plan. In Germany, launched in June 2025, the bank surpassed 100,000 customers in the first year. The two franchises had EUR 10.6 billion of deposits.
- Raised ROTE OutlookManagement increased its group-level return on tangible equity guidance to above 20%, later clarifying it as about 21%, compared with 22% achieved in the first nine months. Management also expects return on tangible equity to further improve in 2027 and 2028 to support the 22% average commitment in its midterm plan.
CH:BOY Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 04, 2027 | 2026 (Q4) | 0.47- | 0.4 | ― | ― |
| Oct 29, 2026 | 2026 (Q3) | 0.490.49 | 0.39 | 26.19% (+0.10) | |
| Jul 30, 2026 | 2026 (Q2) | 0.480.50 | 0.42 | 17.39% (+0.07) | |
| Apr 30, 2026 | 2026 (Q1) | 0.440.47 | 0.42 | 13.33% (+0.06) | |
| Feb 05, 2026 | 2025 (Q4) | 0.400.40 | 0.37 | 6.97% (+0.03) | |
| Oct 30, 2025 | 2025 (Q3) | 0.400.39 | 0.41 | -4.55% (-0.02) | |
| Jul 31, 2025 | 2025 (Q2) | 0.380.42 | 0.43 | -2.13% (-0.01) | |
| Apr 29, 2025 | 2025 (Q1) | 0.390.42 | 0.34 | 21.62% (+0.07) | |
| Jan 30, 2025 | 2024 (Q4) | 0.350.37 | 0.31 | 18.24% (+0.06) | |
| Oct 31, 2024 | 2024 (Q3) | 0.370.41 | 0.3 | 33.33% (+0.10) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat Missed