Financial performance

BBVA Group main data

Consolidated Figures 31-12-21 ∆% 31-12-20 31-12-19
Balance sheet (millions of euros)
Total assets 662,885 (9.7) 733,797 695,471
Loans and advances to customers (gross) (1) 330,055 2.1 323,252 337,388
Deposits from customers (1) 349,761 2.1 342,661 320,589
Total customer funds (1) 465,529 4.5 445,608 428,392
Total equity 48,760 (2.5) 50,020 54,925
Income statement (millions of euros)
Net interest income 14,686 0.6 14,592 15,789
Gross income 21,066 4.5 20,166 21,522
Operating income 11,536 4.1 11,079 11,368
Net attributable profit (loss) 4,653 256.6 1,305 3,512
Net attributable profit (loss) excluding non-recurring impacts (2) 5,069 85.7 2,729 4,270
The BBVA share and share performance ratios
Number of shares issued (million) 6,668 6,668 6,668
Share price (euros) 5.25 30.1 4.04 4.98
Adjusted earning (loss) per share (euros) (3) 0.71 101.4 0.35 0.58
Earning (loss) per share (euros) (3)(4) 0.67 n.s. 0.14 0.47
Book value per share (euros) (3)(4) 6.86 2.5 6.70 7.32
Tangible book value per share (euros) (3)(4) 6.52 7.8 6.05 6.27
Market capitalization (millions of euros) 35,006 30.1 26,905 33,226
Yield (dividend/price; %) (5) 2.6 4.0 5.2
Significant ratios (%)
Adjusted ROE (net attributable profit (loss)/average shareholders' funds +/- average accumulated other comprehensive income) (2) 11.4 6.1 8.7
Adjusted ROTE (net attributable profit (loss)/average shareholders' funds excluding average intangible assets +/- average accumulated other comprehensive income) (2) 12.0 6.5 9.3
Adjusted ROA (Profit (loss) for the year/average total assets) (2) 0.94 0.54 0.84
Adjusted RORWA (Profit (loss) for the year/average risk-weighted assets - RWA) (2) 2.01 1.16 1.69
Efficiency ratio 45.2 45.1 47.2
Cost of risk (1) 0.93 1.55 1.04
NPL ratio (1) 4.1 4.2 4.2
NPL coverage ratio (1) 75 82 75
Capital adequacy ratios (%)
CET1 fully-loaded 12.75 11.73 11.74
CET1 phased-in (6) 12.98 12.15 11.98
Total ratio phased-in (6) 17.24 16.46 15.92
Other information
Number of clients (million) (7) 81.7 4.2 78.4 75.6
Number of shareholders 826,835 (6.0) 879,226 874,148
Number of employees 110,432 (10.3) 123,174 126,973
Number of branches 6,083 (18.2) 7,432 7,744
Number of ATMs 29,148 (6.0) 31,000 32,658

(1) Excluding BBVA USA and the rest of the companies in the United States sold to PNC on June 1, 2021.

(2) Non-recurring impacts include: (I) the results generated by BBVA USA and the rest of the companies in the United States sold to PNC; (II) the net costs related to the restructuring process as of 31-12-21; and (III) the net capital gain from the bancassurance operation with Allianz as of 31-12-20.

(3) For the adjusted earning (loss) per share and earning (loss) per share calculation the additional Tier 1 instrument remuneration is adjusted. As of 31-12-21, 112 million shares acquired within the share buyback program in 2021 were considered.

(4) The estimated number of shares pending from buyback as of December 31, 2021 of the first tranche approved by the BBVA Board of Directors in October 2021 (€1,500m), in process at the end of the year 2021, was included.

(5) Calculated by dividing shareholder remuneration over the last twelve months by the closing price of the period.

(6) Phased-in ratios include the temporary treatment on the impact of IFRS 9, calculated in accordance with Article 473 bis amendments of the Capital Requirements Regulation (CRR), introduced by the Regulation (EU) 2020/873.

(7) Excluding BBVA USA and the rest of the companies in the United States sold to PNC on June 1, 2021 and BBVA Paraguay.

The highest recurrent results
in the past 10 years

Thanks to the recovery in activity, with an excellent evolution of recurring income (+9.1% at constant exchange rates) and lower requirements for provisions in the year.

RECURRING INCOME (1)

(€ Mill. at constant exchange rates)

(1) Net interest income + Commissions.

NET ATTRIBUTABLE PROFIT

(€ Mill.)


(1) Excludes (I) the results generated by BBVA USA and the rest of the companies in the United States sold to PNC on June 1, 2021 for the periods 2021 and 2020; (II) the net cost related to the restructuring process in 2021; and (III) the net capital gain from the bancassurance operation with Allianz in 2020.

Consolidated Income Statement

Millions of euros

2021 ∆% ∆% at constant
exchange rates
2020
Net interest income 14,686 0.6 6.1 14,592
Net fees and commissions 4,765 15.6 19.8 4,123
Net trading income 1,910 23.5 30.5 1,546
Other operating income and expenses (295) 210.6 222.4 (95)
Gross income 21,066 4.5 9.7 20,166
Operating expenses (9,530) 4.9 8.5 (9,088)
Operating income 11,536 4.1 10.8 11,079
Impairment on financial assets (3,034) (41.4) (38.7) (5,179)
Provisions or reversal of provisions and other gains (losses) (262) (75.9) (75.1) (1,087)
Profit (loss) before tax 8,240 71.2 86.8 4,813
Income tax (2,207) 66.2 80.0 (1,328)
Profit (loss) for the year 6,034 73.1 89.3 3,485
Non-controlling interests (965) 27.7 62.6 (756)
Net attributable profit (loss) excluding non-recurring impacts 5,069 85.7 95.5 2,729
Non-recurring impacts (1) (416) (70.8) (71.0) (1,424)
Net attributable profit (loss) 4,653 256.6 n.s. 1,305

(1) Non-recurring impacts include: (I) the results generated, until June 1, 2021, by BBVA USA and the rest of the companies in the United States sold to PNC; (II) the net costs related to the restructuring process for the period 2021; and (III) the net capital gain from the bancassurance operation with Allianz for the period 2020.

Increasing shareholder’s distribution significantly

Dividend per share (DPS)

(€ Cents / share)

The highest cash dividend per share
in the past 10 years

31cents

8 cents

in Oct-21

23 cents

in Apr-22(1)
43% pay out(2)

Share repurchase

One of the highest share buyback
programs in Europe

3,500M

1,500M

first tranche

100% executed(3)

2,000M

second tranche

(1) To be proposed for the consideration of the Governing Bodies.

(2) Pay-out percentage calculated taking into account the following; (i) 2021 Results, including the results from the United States bussiness sold to PNC and the net impact of the restructuring process; and (ii) considering outstanding shares cum dividend as of March 3, 2022.

(3) Considering executed share buyback until March 3, 2022 according to market communications.

(4) Includes amounts paid in April and October 2021, which amounted of €0.06 and €0.08 per share.

Business areas

For more information, please click on each area

Spain
€5,925 M*
+6.4%
Mexico
€7,603 M*
+5.8% (1)
Turkey
€3,422 M*
+25.0% (1)
South America
€3,162 M*
+10.6%(3)
Rest of business
€741 M*
-12.3% (2)
Corporate & Investment Banking
€3,235 M*
+16.7% (2)

Spain

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5,925 Mill. €*

+6.4%

Mexico

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7,603 Mill. €*

+5.8%

Turkey

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3,422 Mill. €*

+25.0%

South America

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3,162 Mill. €*

+8.1%

Rest of business

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741 Mill. €*

-12.3%

CIB

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741 Mill. €*

-12.3%

* Gross income
(1) At constant exchange rate.
(2) At constant exchange rates.
(3) At constant exchange rates excluding BBVA Paraguay.

GEOGRAPHICAL DIVERSIFICATION(1)

DIVERSIFICACIÓN GEOGRÁFICA

(1) Excluding the Corporate Center.