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    Financial performance

    Increasing shareholder’s distribution significantly

    TOTAL PAY-OUT 2022
     
    €3,015
    Bn(1)
    equivalent to
    €50
    cents
    /share(2,3)
     
    47%
    of reported net
    attributable
    profit(4)
    CASH DIVIDEND(2)
    €43
    cents
    /share
    +39% vs. 2021
    €31
    cents
    /share
    in April 2023
    €12
    cents
    /share
    in October 2022
    NEW SHARE BUY-BACK PROGRAM(5)
    €422
    M
    Equivalent to
    €7
    cents
    /share

    Value creation (€ / share)

    (1) Pending approval from the governing bodies, and in the case of the share buy-back program subject to further supervisory approval.

    (2) Gross figures.

    (3) Includes cash dividend for an amount of €43 cents per share and the share buy-back program for €422M, which is equivalent to €7 cents per share.

    (4) This ratio is calculated taking into account the following: (i) 2022 reported results (€6,420M) and (ii) considering outstanding shares cum dividend as of January 31, 2023.

    (5) The share buy-back program amount would be equivalent to €7 cents per share.

    (6) Includes amounts paid in April and October 2022, which amounted to €0.23 (gross) and €0.12 (gross) per share.

    BBVA Group main data

    Consolidated Figures 31-12-22 ∆% 31-12-21 31-12-20
    Balance sheet (millions of euros)
    Total assets 713,140 7.6 662,885 733,797
    Loans and advances to customers (gross) (1) 369,260 11.9 330,055 323,252
    Deposits from customers (1) 393,856 12.6 349,761 342,661
    Total customer funds (1) 544,028 9.5 496,954 471,928
    Total equity 50,615 3.8 48,760 50,020
    Income statement (millions of euros)
    Net interest income 19,153 30.4 14,686 14,592
    Gross income 24,890 18.2 21,066 20,166
    Operating income 14,130 22.5 11,536 11,079
    Net attributable profit (loss) 6,420 38.0 4,653 1,305
    Net attributable profit (loss) excluding non-recurring impacts (2) 6,621 30.6 5,069 2,729
    The BBVA share and share performance ratios
    Number of shares issued (million) 6,030 (9.6) 6,668 6,668
    Share price (euros) 5.63 7.3 5.25 4.04
    Earning (loss) per share excluding non-recurring impacts (euros) (2)(3) 1.05 48.1 0.71 0.35
    Earning (loss) per share (euros) (3)(4) 0.99 47.1 0.67 0.14
    Book value per share (euros) (3)(4) 7.80 13.7 6.86 6.70
    Tangible book value per share (euros) (3)(4) 7.44 14.1 6.52 6.05
    Market capitalization (millions of euros) 33,974 (3.0) 35,006 26,905
    Yield (dividend/price; %) (5) 6.2 2.6 4.0
    Significant ratios (%)
    ROE (net attributable profit (loss) excluding non-recurring impacts / average shareholders' funds +/- average accumulated other comprehensive income (2) 14.6 11.4 6.1
    ROTE (net attributable profit (loss) excluding non-recurring impacts / average shareholders' funds excluding average intangible assets +/- average accumulated other comprehensive income) (2) 15.3 12.0 6.5
    ROA (Profit (loss) for the period excluding non-recurring impacts / average total assets - ATA) (2) 1.00 0.94 0.54
    RORWA (Profit (loss) for the period excluding non-recurring impacts / average risk-weighted assets - RWA) (2) 2.14 2.01 1.16
    Efficiency ratio 43.2 45.2 45.1
    Cost of risk (6) 0.91 0.93 1.55
    NPL ratio (6) 3.4 4.1 4.2
    NPL coverage ratio (6) 81 75 82
    Capital adequacy ratios (%)
    CET1 fully-loaded 12.61 12.75 11.73
    CET1 phased-in (7) 12.68 12.98 12.15
    Total ratio phased-in (7) 15.98 17.24 16.46
    Other information
    Number of clients (million) (1) 89.3 8.6 82.2 78.8
    Number of shareholders 801,216 (3.1) 826,835 879,226
    Number of employees 115,675 4.7 110,432 123,174
    Number of branches 6,040 (0.7) 6,083 7,432
    Number of ATMs 29,807 2.3 29,148 31,000

    (1) Excludes BBVA USA and the rest of the companies in the United States sold to PNC on June 1, 2021 and BBVA Paraguay for the period 31-12-20.

    (2) Non-recurring impacts include: (I) in 2022, the net impact arisen from the purchase of offices in Spain; (II) in 2021, the net costs related to the restructuring process; (III) in 2020, the net capital gain from the bancassurance operation with Allianz; and (IV) in 2021 and 2020, the profit (loss) generated by BBVA USA and the rest of the companies in the United States sold to PNC on June 1, 2021.

    (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) For the period 31-12-21, 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) Excluding BBVA USA and the rest of the companies in the United States sold to PNC on June 1, 2021.

    (7) 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.

    The highest results ever

    This result was possible, mainly thank to the strong income increase, boosted by the loans double-digit growth (+13.3% in constant euros vs. 2021).

    RECURRING INCOME(1)
    (€ MILL. at constant exchange rates)
    €24,507
    M

    (1) Net interest incorne + Commissions.

     
    +30.7
    %
    VS 2021
    NET ATTRIBUTABLE PROFIT
    (€ MILL. at constant exchange rates)
    €6,420
    M
     
    +39.0
    %
    VS 2021

    Consolidated Income Statement

    Millions of euros

    2022 ∆% ∆% at constant
    exchange rates    		 2021
    Net interest income 19,153 30.4 35.8 14,686
    Net fees and commissions 5,353 12.3 15.3 4,765
    Net trading income 1,938 1.5 9.4 1,910
    Other operating income and expenses (1,555) n.s. n.s. (295)
    Gross income 24,890 18.2 22.9 21,066
    Operating expenses (10,760) 12.9 15.5 (9,530)
    Operating income 14,130 22.5 29.2 11,536
    Impairment on financial assets (3,379) 11.4 12.9 (3,034)
    Provisions or reversal of provisions and other gains (losses) (261) (0.3) (4.6) (262)
    Profit (loss) before tax 10,490 27.3 36.7 8,240
    Income tax (3,462) 56.9 66.0 (2,207)
    Profit (loss) for the year 7,028 16.5 25.7 6,034
    Non-controlling interests (407) (57.8) (30.3) (965)
    Net attributable profit (loss) excluding non-recurring impacts 6,621 30.6 32.3 5,069
    Non-recurring impacts (1) (201) (51.6) (47.7) (416)
    Net attributable profit (loss) 6,420 38.0 39.0 4,653

    (1) Include: (I) the net impact arisen from the purchase of offices in Spain in 2022 for €-201m; (II) the net costs related to the restructuring process in 2021 for €-696m; and (III) the profit (loss) generated by BBVA USA and the rest of the companies in the United States sold to PNC on June 1, 2021 for +280 million euros.

    Business areas


    Spain
    €6,145M*
    +4.3%
    Mexico
    €10,839M*
    +25.9% (1)
    Turkey
    €3,185M*
    South America
    €4,261M*
    +45.1%(2)
    Rest of Business
    €790M*
    -1.1% (2)

    Spain

    Ver más

    €6,145 Mill.*

    +4.3%


    Highlights

    • Lending growth in the most profitable segments in 2022
    • Double-digit operating income growth
    • Significant improvement in efficiency in the year
    • Solid risk indicators, with a reduction of both the non-performing loans balance and the NPL ratio in 2022

    Results
    (Millions of euros. Year on year changes)

    Net interest income
    3,784
    +8.1%
    Gross income
    6,145
    +4.3%
    Operating income
    3,226
    +13.3%
    Net attributable profit
    1,678
    +8.4%

    Activity (1)

    Variation compared to 31-12-21 at constant exchange rate.
    Balances as of 31-12-22.

    Performing loans and advances to customers under mangement
    +1.8%
    Customers funds under management
     
    +2.1%

    Risks

    NPL coverage ratio
    62%
    61%
    NPL ratio
    4.2%
    3.9%
    Cost of risk
    0.30%
    0.28%
    DEC 21
    DEC 22



    (1) Excluding repos.

    Mexico

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    €10,839 Mill.*

    +25.9%(1)


    Highlights

    • Balanced and double-digit growth in both the wholesale and retail portfolio in the year
    • Very positive performance of recurring income due to increased activity and improved customer spreads
    • Risk indicators improvement and outstanding performance of the efficiency ratio
    • Excellent evolution of the operating income

    Results
    (Millions of euros. Year on year changes at constant exchange rate)

    Net interest income
    8,378
    +26.8%
    Gross income
    10,839
    +25.9%
    Operating income
    7,406
    +33.0%
    Net attributable profit
    4,182
    +44.8%

    Activity (1)

    Variation compared to 31-12-21 at constant exchange rate.
    Balances as of 31-12-22.

    Performing loans and advances to customers under mangement
    +16.5%
    Customers funds under management
     
    +8.2%

    Risks

    NPL coverage ratio
    106%
    129%
    NPL ratio
    3.2%
    2.5%
    Cost of risk
    2.67%
    2.47%
    DEC 21
    DEC 22


    (1) Excluding repos.

    Turkey

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    3,185 Mill.*


    Highlights

    • Acceleration of local currency portfolio and reduction of exposure to foreign currency portfolios
    • Strength of risk indicators
    • Net attributable profit impacted by the hyperinflation accounting, with effect from January 1, 2022, partially offset by the good dynamics of the business

    Results
    (Millions of euros)

    Net interest income
    2,631
    Gross income
    3,185
    Operating income
    2,119
    Net attributable profit
    509

    Activity (1)

    Variation compared to 31-12-21 at constant exchange rate.
    Balances as of 31-12-22.

    Performing loans and advances to customers under mangement
    +59.2%
    Customers funds under management
     
    +63.0%

    Risks

    NPL coverage ratio
    75%
    90%
    NPL ratio
    7.1%
    5.1%
    Cost of risk
    1.33%
    0.94%
    DEC 21
    DEC 22


    (1) Excluding repos.

    South America

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    €4,261 Mill.*

    +45.1%(2)


    Highlights

    • Growth in lending activity and customer funds
    • NPL and NPL coverage ratio improvement
    • Favorable behavior of recurring income
    • Improvement of the efficiency ratio

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

    Net interest income
    4,137
    +57.7%
    Gross income
    4,261
    +45.1%
    Operating income
    2,284
    +50.5%
    Net attributable profit
    734
    +80.0%

    Activity (1)

    Variation compared to 31-12-21 at constant exchange rates.
    Balances as of 31-12-22.

    Performing loans and advances to customers under mangement
    +13.7%
    Customers funds under management
     
    +14.0%

    Risks

    NPL coverage ratio
    99%
    101%
    NPL ratio
    4.5%
    4.1%
    Cost of risk
    1.65%
    1.69%
    DEC 21
    DEC 22


    (1) Excluding repos.

    Rest of Business

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    €790 Mill.*

    -1.1%(2)


    Highlights

    • Growth in lending activity and in customer funds in 2022
    • Strong net interest income, which grows at double-digit
    • Risk indicators improvement in the year
    • Cost of risk at very low levels

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

    Net interest income
    332
    +15.5%
    Gross income
    790
    -1.1%
    Operating income
    276
    -16.2%
    Net attributable profit
    240
    -15.1%

    Activity (1)

    Variation compared to 31-12-21 at constant exchange rates.
    Balances as of 31-12-22.

    Performing loans and advances to customers under mangement
    +36.5%
    Customers funds under management
     
    +47.2%

    Risks

    NPL coverage ratio
    116%
    131%
    NPL ratio
    0.7%
    0.4%
    Cost of risk
    -0.11%
    0.04%
    DEC 21
    DEC 22


    (1) Excluding repos.

    * Gross income
    (1) Year on year changes at constant exchange rate.
    (2) Year on year changes at constant exchange rates.
    Data at the end of December 2022. Those countries in which BBVA has no legal entity or the volume of activity is not significant, are not included Data at the end of December 2022.

    Geographical diversification (1)



    (1) Excludes the Corporate Center.