BBVA achieved a record result in the first nine months of the year. The group posted profits of 7,622 million euros from January to September 2024, 27.9% more year-on-year (+44% at constant exchange rates). Of this figure, 2,627 million euros correspond to the third quarter (+26%).
«In the first nine months of 2024 we have obtained excellent results, driven by the dynamism of activity in two of the group’s key markets: Mexico and Spain. We continue to lead the fifteen largest banks in Europe, with a record efficiency ratio of 39% and a record profitability that exceeds 20% in Rote. We look to the future with optimism. We hope to increase growth in profitable credit and gain scale to continue supporting families and companies,” highlights the CEO, Onur Genç.
The entity points out that these numbers are possible “due to the growth of recurring income (interest margin and commissions), strongly supported by the dynamism of credit (+11% in interannual rate). Particularly noteworthy is the growth in Mexico (+12.3% in constant euros) and Spain (+1.5%), with special focus on the consumer credit, cards and SMEs segments, which grow at rates above the average for the portfolio in both business areas.
Going into detail of the income statement, expressing the figures in constant euros as the BBVAthe interest margin reached the figure of 18,861 million euros in the first nine months of the year, 14% more year-on-year. “This line is growing transversally in all business areas with the exception of Turkey, which nevertheless stood out notably in its contribution to the net commissions line,” adds the bank. Net commissions grew by 32% in the group to 5,754 million euros, driven by the payment methods and asset management segments. The sum of interest margin and net commissions, which constitute the recurring income of the banking business, reached the figure of 24,614 million euros, 18% more compared to the same period in 2023. The gross margin registered an accumulated interannual increase of 29 %, up to 26,161 million euros.
With these numbers, BBVA has announced that it has taken profitability to historical levels: ROE reached 19.2% and ROTE, 20.1%well above the average of the group of comparable banks in both Spain and Europe. The ‘fully loaded’ CET1 ratio grew nine basis points in the quarter and stood at 12.84% at the end of September, well above the group’s target range (11.5%-12%).
Likewise, the traditional balance of results by geography was also relatively maintained compared to other periods. Mexico continued to be the region that contributes the most to profit with 4,193 million euros; Spain follows with 2,866 million, South America with 471 million and Türkiye with 433 million.
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