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    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

    Value Creation

    (€/share)

    (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

    More

    5,925 Mill. €*

    +6.4%

    Activity(1)

    Year on year changes. Balances as of 31-12-2021.

    Performing loans and advances to customers under management +1.7%

    Customers funds under management +2.8%
    Risks
    NPL coverage ratio (%) NPL ratio (%) Cost of risk (%)

    Results

    2021. Millions of euros. Year on year changes.

    • Net interest income €3,502M -1.8%
    • Gross
      income       €5,925M +6.4%
    • Operating
      income       €2,895M +14.5%
    • Net attributable profit €1,581M +142.6%
    Growth in lending activity throughout the year Improvement in the efficiency ratio and considering gross income growth Favorable performance of recurring income, driven by commissions Decrease in impairment on financial assets, compared to a 2020 that was strongly affected by the pandemic, resulting in a lower cost of risk
    • (1) Excluding repos.

    Mexico

    More

    7,603 Mill. €*

    +5.8%

    Activity(1)

    Year on year changes at constant exchange rate. Balances as of 31-12-2021.

    Performing loans and advances to customers under management +5.1%

    Customers funds under management +11.6%
    Risks
    NPL coverage ratio (%) NPL ratio (%) Cost of risk (%)

    Results

    2021. Millions of euros. Year on year changes at constant exchange rate.

    • Net interest income €5,836M +5.4%
    • Gross income €7,603M +5.8%
    • Operating income €4,944M +3.3%
    • Net attributable profit €2,568M +42.6%
    Growth in lending activity in the year driven by the continued acceleration in the retail segment since the second quarter of 2021 Growth in recurring income and strength of operating income throughout the year Increase in demand deposits and therefore improvement in the funding mix Better performance of impairment on financial assets in 2021
    • (1) Excluding repos.

    Turkey

    More

    3,422 Mill. €*

    +25.0%

    Activity(1)

    Year on year changes at constant exchange rate. Balances as of 31-12-2021.

    Performing loans and advances to customers under management +39.7%

    Customers funds under management +65.0%
    Risks
    NPL coverage ratio (%) NPL ratio (%) Cost of risk (%)

    Results

    2021. Millions of euros. Year on year changes at constant exchange rate.

    • Net interest income €2,370M +11.2%
    • Gross
      income       €3,422M +25.0%
    • Operating
      income       €2,414M +23.8%
    • Net attributable profit €740M +71.4%
    Activity driven by Turkish lira loans and deposits Year-on-year decrease in the cost of risk Year-on-year growth in recurring income and NTI Net attributable profit growth driven by higher revenues and lower impairment on financial assets
    • (1) Excluding repos.

    South America

    More

    3,162 Mill. €*

    +8.1%

    Activity(1)

    Year on year changes at constant exchange rates excluding BBVA Paraguay. Balances as of 31-12-2021.

    Performing loans and advances to customers under management +10.3%

    Customers funds under management +5.7%
    Risks
    NPL coverage ratio (%) NPL ratio (%) Cost of risk (%)

    Results

    2021. Millions of euros. Year on year changes at constant exchange rates excluding BBVA Paraguay.

    • Net interest income €2,859M +18.1%
    • Gross
      income       €3,162M +10.6%
    • Operating
      income       €1,661M +2.0%
    • Net attributable profit €491M +30.3%
    Increase in lending activity in 2021, with growth in both retail and commercial segments Favorable year-on-year evolution of recurring income and higher adjustment for inflation in Argentina Reduction in higher-cost customer funds Reduction in the impairment on financial assets line as 2020 was affected by the outbreak of the pandemic
    • (1) Excluding repos.

    Rest of business

    More

    741 Mill. €*

    -12.3%

    Activity(1)

    Year on year changes at constant exchange rates. Balances as of 31-12-2021.

    Performing loans and advances to customers under management +10.2%

    Customers funds under management -33.6%
    Risks
    NPL coverage ratio (%) NPL ratio (%) Cost of risk (%)

    Results

    2021. Millions of euros. Year on year changes at constant exchange rates.

    • Net interest income €281M -5.4%
    • Gross
      income       €741M -12.3%
    • Operating
      income       €291M -23.3%
    • Net attributable profit €254M +13.2%
    Increase in lending due to evolution in the second half of the year and decrease in customer funds in 2021 Favorable evolution of risk indicators Good performance of NTI Reversal in the impairment on financial assets line, which contrasts with provisions made in 2020
    • (1) Excluding repos.

    CIB

    More

    741 Mill. €*

    -12.3%

    Activity(1)

    Year on year changes at constant exchange rates. Balances as of 31-12-2021.

    Performing loans and advances to customers under management +11.3%


    Customers funds under management -9.0%
    Client’s revenue

    Millions of euros. Year on year changes at constant exchange rates.

    €2,921M +9%

    Wholesale banking recurrent business(2)
    90% of revenues given by our relations with clients

    Results

    2021. Millions of euros. Year on year changes at constant exchange rates.

    • Gross
      income       €3,235M +16.7%

    • Operating
      income       €2,248M +20.6%

    • Net attributable profit €1,248M +45.3%

    Recovery of lending activity, which was above prepandemic levels, and reduction of customer funds Efficiency ratio remains at low levels thanks to the good performance of revenue items and management of discretionary expenses Growth of recurring income and good performance of NTI Significant reduction in the impairment on financial assets line, compared to 2020 which was strongly affected by the effects of the pandemic
    • (1) Excluding repos.
    • (2) Client’s revenue / Gross income.

    * 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.