Appendices

APPENDIX I. Additional information on subsidiaries and structured entities composing the BBVA Group as of December 31, 2021

% share of participation (**) Millions of Euros (*)
Affiliate entity data
Company Location Activity Direct Indirect Total Net carrying
amount		 Equity excluding profit
(loss)
31.12.21		 Profit (loss) 31.12.21
ACTIVOS MACORP SL SPAIN REAL ESTATE 50.63 49.37 100.00 23 22 2
ADQUIRA MEXICO SA DE CV MEXICO SERVICES — 100.00 100.00 4 3 1
ALCALA 120 PROMOC. Y GEST.IMMOB. S.L. SPAIN REAL ESTATE — 100.00 100.00 17 15 1
ANIDA GRUPO INMOBILIARIO SL SPAIN INVESTMENT COMPANY 100.00 — 100.00 1,456 1,451 (15)
ANIDA INMOBILIARIA, S.A. DE C.V. MEXICO INVESTMENT COMPANY — 100.00 100.00 18 38 4
ANIDA OPERACIONES SINGULARES, S.A. SPAIN REAL ESTATE — 100.00 100.00 1,321 1,341 (20)
ANIDA PROYECTOS INMOBILIARIOS, S.A. DE C.V. MEXICO REAL ESTATE — 100.00 100.00 22 22 1
ANIDAPORT INVESTIMENTOS IMOBILIARIOS, UNIPESSOAL, LTDA PORTUGAL REAL ESTATE — 100.00 100.00 25 17 —
ANTHEMIS BBVA VENTURE PARTNERSHIP LLP UNITED KINGDOM INVESTMENT COMPANY — 100.00 100.00 9 9 —
APLICA NEXTGEN OPERADORA S.A. DE C.V. MEXICO SERVICES — 100.00 100.00 1 2 —
APLICA NEXTGEN SERVICIOS S.A. DE C.V MEXICO SERVICES — 100.00 100.00 1 1 —
APLICA TECNOLOGIA AVANZADA SA DE CV MEXICO SERVICES 100.00 — 100.00 203 221 17
ARRAHONA IMMO, S.L. SPAIN REAL ESTATE — 100.00 100.00 53 114 —
ARRAHONA NEXUS, S.L. SPAIN REAL ESTATE — 100.00 100.00 58 64 —
ARRELS CT FINSOL, S.A. SPAIN REAL ESTATE — 100.00 100.00 64 79 —
ARRELS CT PATRIMONI I PROJECTES, S.A. SPAIN REAL ESTATE — 100.00 100.00 22 22 —
ARRELS CT PROMOU SA SPAIN REAL ESTATE — 100.00 100.00 28 29 25
BAHIA SUR RESORT S.C. SPAIN INACTIVE 99.95 — 99.95 — 1 —
BANCO BBVA ARGENTINA S.A. ARGENTINA BANKING 39.97 26.59 66.55 157 606 536
BANCO BILBAO VIZCAYA ARGENTARIA URUGUAY SA URUGUAY BANKING 100.00 — 100.00 110 180 20
BANCO INDUSTRIAL DE BILBAO SA SPAIN BANKING — 99.93 99.93 52 47 6
BANCO OCCIDENTAL SA SPAIN BANKING 49.43 50.57 100.00 17 18 —
BANCO PROVINCIAL OVERSEAS NV CURAÇAO BANKING — 100.00 100.00 49 45 4
BANCO PROVINCIAL SA - BANCO UNIVERSAL VENEZUELA BANKING 1.46 53.75 55.21 41 127 8
BBV AMERICA SL SPAIN INVESTMENT COMPANY 99.80 0.20 100.00 79 640 12
BBVA (SUIZA) SA SWITZERLAND BANKING 100.00 — 100.00 110 129 6
BBVA AGENCIA DE SEGUROS COLOMBIA LTDA COLOMBIA INSURANCES SERVICES — 100.00 100.00 — — —
BBVA AI FACTORY SL SPAIN SERVICES — 100.00 100.00 6 4 —
BBVA ASSET MANAGEMENT ARGENTINA S.A, SOCIEDAD GERENTE DE FONDOS COMUNES DE INVERSIÓN ARGENTINA INVESTMENT FUND MANAGEMENT — 100.00 100.00 14 1 13
BBVA ASSET MANAGEMENT MEXICO SA DE CV, SOC.OPERADORA DE FONDOS DE INVERSION, GRUPO FRO. BBVA MEXICO MEXICO INVESTMENT FUND MANAGEMENT — 100.00 100.00 30 21 10
BBVA ASSET MANAGEMENT SA SAF PERU INVESTMENT FUND MANAGEMENT — 100.00 100.00 8 5 3
BBVA ASSET MANAGEMENT SA SGIIC SPAIN INVESTMENT FUND MANAGEMENT 100.00 — 100.00 43 (98) 164
BBVA ASSET MANAGEMENT SA SOCIEDAD FIDUCIARIA (BBVA FIDUCIARIA) COLOMBIA INVESTMENT FUND MANAGEMENT — 100.00 100.00 24 18 6
BBVA BANCO CONTINENTAL SA (1) PERU BANKING — 46.12 46.12 1,042 1,920 340
BBVA BOLSA SOCIEDAD AGENTE DE BOLSA S.A. PERU SECURITIES DEALER — 100.00 100.00 4 4 1
BBVA BRASIL BANCO DE INVESTIMENTO SA BRAZIL BANKING 100.00 — 100.00 16 18 —
BBVA BROKER ARGENTINA SA ARGENTINA INSURANCES SERVICES — 99.96 99.96 — 3 6
  • (*) Amount without considering the interim dividends of the year, according to the provisional financial statements of each company, generally as of December 31, 2021. In the carrying amount (net of provision and hedge in foreign operations), the Group's ownership percentage has been applied, without considering the impairment of goodwill. Information on foreign companies at exchange rate as of December 31, 2021.
  • (**) In accordance with Article 3 of Royal Decree 1159/2010, of September 17, in order to determine the state, the voting power relating to subsidiaries was added to the voting power directly held by the parent. Therefore, the number of votes corresponding to the parent company (including indirect control subsidiaries), corresponds to each subsidiary holding a direct ownership interest.
  • (1) Full consolidation method is used according to accounting rules (see Glossary).

Download table

Additional information on subsidiaries and structured entities composing the BBVA Group (Continued)
% share of participation (**) Millions of Euros (*)
Affiliate entity data
Company Location Activity Direct Indirect Total Net carrying
amount		 Equity excluding profit
(loss)
31.12.21		 Profit (loss) 31.12.21
BBVA BROKER CORREDURIA DE SEGUROS Y REASEGUROS SA SPAIN FINANCIAL SERVICES 99.94 0.06 100.00 — 1 6
BBVA COLOMBIA SA COLOMBIA BANKING 77.41 18.06 95.47 348 1,135 202
BBVA CONSUMER FINANCE ENTIDAD DE DESARROLLO A LA PEQUEÑA Y MICRO EMPRESA EDPYME SA (BBVA CONSUMER FINANCE - EDPYME) PERU IN LIQUIDATION — 100.00 100.00 23 18 5
BBVA DISTRIBUIDORA DE SEGUROS S.R.L. URUGUAY FINANCIAL SERVICES — 100.00 100.00 5 2 2
BBVA FINANZIA SPA ITALY IN LIQUIDATION 100.00 — 100.00 8 8 —
BBVA FUNDOS S.GESTORA FUNDOS PENSOES SA PORTUGAL PENSION FUND MANAGEMENT 100.00 — 100.00 8 6 2
BBVA GLOBAL FINANCE LTD CAYMAN ISLANDS OTHER ISSUANCE COMPANIES 100.00 — 100.00 — 5 —
BBVA GLOBAL MARKETS BV NETHERLANDS OTHER ISSUANCE COMPANIES 100.00 — 100.00 — — —
BBVA GLOBAL SECURITIES, B.V. NETHERLANDS OTHER ISSUANCE COMPANIES 100.00 — 100.00 — — —
BBVA HOLDING CHILE SA CHILE INVESTMENT COMPANY 61.22 38.78 100.00 158 251 55
BBVA INFORMATION TECHNOLOGY ESPAÑA SL SPAIN SERVICES 76.00 — 76.00 1 3 1
BBVA INSTITUIÇAO FINANCEIRA DE CREDITO SA PORTUGAL FINANCIAL SERVICES 49.90 50.10 100.00 39 58 5
BBVA LEASING MEXICO SA DE CV MEXICO FINANCIAL SERVICES — 100.00 100.00 51 155 26
BBVA MEDIACION OPERADOR DE BANCA-SEGUROS VINCULADO, S.A. SPAIN FINANCIAL SERVICES 99.99 0.01 100.00 11 (15) 26
BBVA MEXICO SA INSTITUCION DE BANCA MULTIPLE GRUPO FINANCIERO BBVA MEXICO MEXICO BANKING — 100.00 100.00 12,211 9,698 2,512
BBVA NEXT TECHNOLOGIES OPERADORA, S.A. DE C.V. MEXICO SERVICES — 100.00 100.00 — 1 —
BBVA NEXT TECHNOLOGIES SLU SPAIN INVESTMENT COMPANY 100.00 — 100.00 34 26 3
BBVA NEXT TECHNOLOGIES, S.A. DE C.V. MEXICO SERVICES — 100.00 100.00 1 3 —
BBVA OP3N S.L. SPAIN SERVICES — 100.00 100.00 — 2 —
BBVA OPERADORA MEXICO SA DE CV MEXICO SERVICES — 100.00 100.00 76 98 (21)
BBVA PENSIONES MEXICO, S.A. DE C.V., GRUPO FINANCIERO BBVA MEXICO MEXICO INSURANCES SERVICES — 100.00 100.00 313 247 66
BBVA PENSIONES SA ENTIDAD GESTORA DE FONDOS DE PENSIONES SPAIN PENSION FUND MANAGEMENT 100.00 — 100.00 13 16 9
BBVA PERU HOLDING SAC PERU INVESTMENT COMPANY 100.00 — 100.00 110 892 157
BBVA PLANIFICACION PATRIMONIAL SL SPAIN IN LIQUIDATION 80.00 20.00 100.00 — 1 —
BBVA PREVISION AFP SA ADM.DE FONDOS DE PENSIONES BOLIVIA PENSION FUND MANAGEMENT 75.00 5.00 80.00 2 5 10
BBVA PROCESSING SERVICES INC. UNITED STATES FINANCIAL SERVICES 100.00 — 100.00 1 1 —
BBVA RE INHOUSE COMPAÑIA DE REASEGUROS, S.E. SPAIN INSURANCES SERVICES — 100.00 100.00 39 51 7
BBVA SECURITIES INC UNITED STATES FINANCIAL SERVICES 100.00 — 100.00 233 242 8
BBVA SEGUROS ARGENTINA SA ARGENTINA INSURANCES SERVICES 87.78 12.22 100.00 10 23 24
BBVA SEGUROS COLOMBIA SA COLOMBIA INSURANCES SERVICES 94.00 6.00 100.00 10 16 11
BBVA SEGUROS DE VIDA COLOMBIA SA COLOMBIA INSURANCES SERVICES 94.00 6.00 100.00 14 101 11
BBVA SEGUROS MÉXICO SA DE CV GRUPO FINANCIERO BBVA MEXICO MEXICO INSURANCES SERVICES — 100.00 100.00 559 386 174
BBVA SEGUROS SA DE SEGUROS Y REASEGUROS SPAIN INSURANCES SERVICES 99.96 — 99.96 713 782 238
BBVA SEGUROS SALUD MEXICO SA DE CV GRUPO FRO. BBVA MEXICO. MEXICO INSURANCES SERVICES — 100.00 100.00 8 9 (1)
BBVA SERVICIOS ADMINISTRATIVOS MEXICO, S.A. DE C.V. MEXICO SERVICES — 100.00 100.00 47 54 (8)
BBVA SERVICIOS CORPORATIVOS MEXICO, S.A. DE C.V. MEXICO SERVICES — 100.00 100.00 6 5 —
BBVA SERVICIOS, S.A. SPAIN COMMERCIAL — 100.00 100.00 — — —
  • (*) Amount without considering the interim dividends of the year, according to the provisional financial statements of each company, generally as of December 31, 2021. In the carrying amount (net of provision and hedge in foreign operations), the Group ́s ownership percentage has been applied, without considering the impairment of goodwill. Information on foreign companies at exchange rate as of December 31, 2021.
  • (**) In accordance with Article 3 of Royal Decree 1159/2010, of September 17, in order to determine the state, the voting power relating to subsidiaries was added to the voting power directly held by the parent. Therefore, the number of votes corresponding to the parent company (including indirect control subsidiaries), corresponds to each subsidiary holding a direct ownership interest.

Download table

Additional information on subsidiaries and structured entities composing the BBVA Group (Continued)
% share of participation (**) Millions of Euros (*)
Affiliate entity data
Company Location Activity Direct Indirect Total Net carrying
amount		 Equity excluding
profit (loss)
31.12.21		 Profit (loss)
31.12.21
BBVA SOCIEDAD TITULIZADORA S.A. PERU OTHER ISSUANCE COMPANIES — 100.00 100.00 1 1 —
BBVA TRADE, S.A. SPAIN INVESTMENT COMPANY — 100.00 100.00 8 13 (3)
BBVA VALORES COLOMBIA SA COMISIONISTA DE BOLSA COLOMBIA SECURITIES DEALER — 100.00 100.00 9 9 —
BILBAO VIZCAYA HOLDING SAU SPAIN INVESTMENT COMPANY 100.00 — 100.00 120 97 69
CAIXA MANRESA IMMOBILIARIA ON CASA SL SPAIN REAL ESTATE 100.00 — 100.00 2 2 —
CARTERA E INVERSIONES SA CIA DE SPAIN INVESTMENT COMPANY 100.00 — 100.00 92 125 4
CASA DE BOLSA BBVA MEXICO SA DE CV MEXICO SECURITIES DEALER — 100.00 100.00 65 42 24
CATALONIA PROMODIS 4, S.A. SPAIN REAL ESTATE — 100.00 100.00 1 1 —
CATALUNYACAIXA IMMOBILIARIA SA SPAIN REAL ESTATE 100.00 — 100.00 295 314 (22)
CATALUNYACAIXA SERVEIS SA SPAIN SERVICES 100.00 — 100.00 2 2 —
CDD GESTIONI S.R.L. ITALY REAL ESTATE 100.00 — 100.00 — — —
CIDESSA DOS, S.L. SPAIN INVESTMENT COMPANY — 100.00 100.00 15 15 —
CIERVANA SL SPAIN INVESTMENT COMPANY 100.00 — 100.00 53 51 —
COMERCIALIZADORA CORPORATIVA SAC PERU FINANCIAL SERVICES — 50.00 50.00 — — —
COMERCIALIZADORA DE SERVICIOS FINANCIEROS, S.A. COLOMBIA SERVICES — 100.00 100.00 6 4 1
COMPAÑIA CHILENA DE INVERSIONES SL SPAIN INVESTMENT COMPANY 99.97 0.03 100.00 221 259 13
CONSOLIDAR A.F.J.P SA ARGENTINA IN LIQUIDATION 46.11 53.89 100.00 1 — —
CONTENTS AREA, S.L. SPAIN SERVICES — 100.00 100.00 4 4 —
CONTINENTAL DPR FINANCE COMPANY CAYMAN ISLANDS FINANCIAL SERVICES — 100.00 100.00 — — —
CONTRATACION DE PERSONAL, S.A. DE C.V. MEXICO SERVICES — 100.00 100.00 2 1 —
CORPORACION GENERAL FINANCIERA SA SPAIN INVESTMENT COMPANY 100.00 — 100.00 510 855 29
DATA ARCHITECTURE AND TECHNOLOGY MEXICO SA DE CV MEXICO SERVICES — 100.00 100.00 1 1 —
DATA ARCHITECTURE AND TECHNOLOGY S.L. SPAIN SERVICES — 51.00 51.00 — 3 —
DATA ARQUITECTURE AND TECHNOLOGY OPERADORA SA DE CV MEXICO SERVICES — 100.00 100.00 — — —
DEUTSCHE BANK MEXICO SA FIDEICOMISO F/1859 MEXICO FINANCIAL SERVICES — 100.00 100.00 — — —
DEUTSCHE BANK MEXICO SA FIDEICOMISO F/1860 MEXICO FINANCIAL SERVICES — 100.00 100.00 — — —
DISTRITO CASTELLANA NORTE, S.A. SPAIN REAL ESTATE — 75.54 75.54 125 169 (3)
ECASA, S.A. CHILE FINANCIAL SERVICES — 100.00 100.00 33 24 9
EMPRENDIMIENTOS DE VALOR S.A. URUGUAY FINANCIAL SERVICES — 100.00 100.00 2 2 —
EUROPEA DE TITULIZACION SA SGFT. SPAIN FINANCIAL SERVICES 88.24 — 88.24 2 17 3
F/11395 FIDEICOMISO IRREVOCABLE DE ADMINISTRACION CON DERECHO DE REVERSION (1) MEXICO REAL ESTATE — 42.40 42.40 — 1 —
F/253863 EL DESEO RESIDENCIAL MEXICO REAL ESTATE — 65.00 65.00 — 1 —
FIDEICOMISO 28991-8 TRADING EN LOS MCADOS FINANCIEROS MEXICO FINANCIAL SERVICES — 100.00 100.00 3 2 —
FIDEICOMISO F/29764-8 SOCIO LIQUIDADOR DE OPERACIONES FINANCIERAS DERIVADAS MEXICO FINANCIAL SERVICES — 100.00 100.00 43 39 3
FIDEICOMISO F/403112-6 DE ADMINISTRACION DOS LAGOS MEXICO REAL ESTATE — 100.00 100.00 — — —
FIDEICOMISO HARES BBVA BANCOMER F/ 47997-2 MEXICO REAL ESTATE — 100.00 100.00 3 2 1
FIDEICOMISO INMUEBLES CONJUNTO RESIDENCIAL HORIZONTES DE VILLA CAMPESTRE COLOMBIA REAL ESTATE — 100.00 100.00 — 1 —
  • (*) Amount without considering the interim dividends of the year, according to the provisional financial statements of each company, generally as of December 31, 2021. In the carrying amount (net of provision and hedge in foreign operations), the Group´s ownership percentage has been applied, without considering the impairment of goodwill. Information on foreign companies at exchange rate as of December 31, 2021.
  • (**) In accordance with Article 3 of Royal Decree 1159/2010, of September 17, in order to determine the state, the voting power relating to subsidiaries was added to the voting power directly held by the parent. Therefore, the number of votes corresponding to the parent company (including indirect control subsidiaries), corresponds to each subsidiary holding a direct ownership interest.
  • (1) Full consolidation method is used according to accounting rules (see Glossary).

Download table

Additional information on subsidiaries and structured entities composing the BBVA Group (Continued)
% share of participation (**) Millions of Euros (*)
Affiliate entity data
Company Location Activity Direct Indirect Total Net carrying
amount		 Equity excluding
profit (loss)
31.12.21		 Profit (loss)
31.12.21
FIDEICOMISO LOTE 6.1 ZARAGOZA COLOMBIA REAL ESTATE — 59.99 59.99 — 2 —
FIDEICOMISO SCOTIABANK INVERLAT S A F100322908 MEXICO REAL ESTATE — 100.00 100.00 2 2 —
FINANCIERA AYUDAMOS S.A. DE C.V., SOFOMER MEXICO IN LIQUIDATION — 100.00 100.00 5 5 —
FOMENTO Y DESARROLLO DE CONJUNTOS RESIDENCIALES S.L. EN LIQUIDACIÓN SPAIN IN LIQUIDATION — 60.00 60.00 — — —
FORUM COMERCIALIZADORA DEL PERU SA PERU SERVICES — 100.00 100.00 1 — —
FORUM DISTRIBUIDORA DEL PERU SA PERU FINANCIAL SERVICES — 100.00 100.00 6 5 1
FORUM DISTRIBUIDORA, S.A. CHILE FINANCIAL SERVICES — 100.00 100.00 41 37 2
FORUM SERVICIOS FINANCIEROS, S.A. CHILE FINANCIAL SERVICES — 100.00 100.00 239 202 53
FUTURO FAMILIAR, S.A. DE C.V. MEXICO IN LIQUIDATION — 100.00 100.00 1 1 —
G NETHERLANDS BV NETHERLANDS INVESTMENT COMPANY — 100.00 100.00 393 327 (2)
GARANTI BANK SA ROMANIA BANKING — 100.00 100.00 254 315 29
GARANTI BBVA AS (1) TURKEY BANKING 49.85 — 49.85 3,124 4,241 1,091
GARANTI BBVA EMEKLILIK AS TURKEY INSURANCES SERVICES — 84.91 84.91 80 34 58
GARANTI BBVA FACTORING AS TURKEY FINANCIAL SERVICES — 81.84 81.84 19 10 13
GARANTI BBVA FILO AS TURKEY SERVICES — 100.00 100.00 1 17 49
GARANTI BBVA LEASING AS TURKEY FINANCIAL SERVICES — 100.00 100.00 90 72 18
GARANTI BBVA PORTFOY AS TURKEY INVESTMENT FUND MANAGEMENT — 100.00 100.00 17 11 6
GARANTI BBVA YATIRIM AS TURKEY FINANCIAL SERVICES — 100.00 100.00 87 38 48
GARANTI BILISIM TEKNOLOJISI VE TIC TAS TURKEY SERVICES — 100.00 100.00 1 — 1
GARANTI DIVERSIFIED PAYMENT RIGHTS FINANCE COMPANY CAYMAN ISLANDS OTHER ISSUANCE COMPANIES — 100.00 100.00 — (35) 27
GARANTI FILO SIGORTA ARACILIK HIZMETLERI A.S. TURKEY FINANCIAL SERVICES — 100.00 100.00 — — —
GARANTI HOLDING BV NETHERLANDS INVESTMENT COMPANY — 100.00 100.00 526 394 —
GARANTI KONUT FINANSMANI DANISMANLIK HIZMETLERI AS (GARANTI MORTGAGE) TURKEY SERVICES — 100.00 100.00 — — —
GARANTI KULTUR AS TURKEY SERVICES — 100.00 100.00 — — —
GARANTI ODEME SISTEMLERI AS (GOSAS) TURKEY FINANCIAL SERVICES — 100.00 100.00 — 1 2
GARANTI YATIRIM ORTAKLIGI AS (1) (2) TURKEY INVESTMENT COMPANY — 3.61 3.61 — 3 —
GARANTIBANK BBVA INTERNATIONAL N.V. NETHERLANDS BANKING — 100.00 100.00 675 591 18
GESCAT GESTIO DE SOL SL SPAIN REAL ESTATE 100.00 — 100.00 9 11 (2)
GESCAT LLEVANT, S.L. SPAIN REAL ESTATE — 100.00 100.00 5 5 —
GESCAT LLOGUERS SL SPAIN REAL ESTATE 100.00 — 100.00 3 4 —
GESCAT VIVENDES EN COMERCIALITZACIO SL SPAIN REAL ESTATE 100.00 — 100.00 87 89 (2)
GESTION DE PREVISION Y PENSIONES SA SPAIN PENSION FUND MANAGEMENT 60.00 — 60.00 9 17 4
GESTION Y ADMINISTRACION DE RECIBOS, S.A. - GARSA SPAIN SERVICES — 100.00 100.00 1 1 —
GRAN JORGE JUAN SA SPAIN REAL ESTATE 100.00 — 100.00 424 437 14
GRUPO FINANCIERO BBVA MEXICO SA DE CV MEXICO FINANCIAL SERVICES 99.98 — 99.98 7,402 11.040 2,731
INMESP DESARROLLADORA, S.A. DE C.V. MEXICO REAL ESTATE — 100.00 100.00 19 16 3
INMUEBLES Y RECUPERACIONES CONTINENTAL SA PERU REAL ESTATE — 100.00 100.00 40 38 2
  • (*) Amount without considering the interim dividends of the year, according to the provisional financial statements of each company, generally as of December 31, 2021. In the carrying amount (net of provision and hedge in foreign operations), the Group´s ownership percentage has been applied, without considering the impairment of goodwill. Information on foreign companies at exchange rate as of December 31, 2021.
  • (**) In accordance with Article 3 of Royal Decree 1159/2010, of September 17, in order to determine the state, the voting power relating to subsidiaries was added to the voting power directly held by the parent. Therefore, the number of votes corresponding to the parent company (including indirect control subsidiaries), corresponds to each subsidiary holding a direct ownership interest.
  • (1) Full consolidation method is used according to accounting rules (see Glossary).
  • (2) The percentage of voting rights owned by the Group entities in this company is 99.97%.

Download table

Additional information on subsidiaries and structured entities composing the BBVA Group (Continued)
% share of participation (**) Millions of Euros (*)
Affiliate entity data
Company Location Activity Direct Indirect Total Net carrying
amount		 Equity excluding
profit (loss)
31.12.21		 Profit (loss)
31.12.21
INVERAHORRO SL SPAIN INVESTMENT COMPANY 100.00 — 100.00 112 115 (3)
INVERSIONES ALDAMA, C.A. VENEZUELA IN LIQUIDATION — 100.00 100.00 — — —
INVERSIONES BANPRO INTERNATIONAL INC NV (1) CURAÇAO INVESTMENT COMPANY 48.00 — 48.01 16 47 4
INVERSIONES BAPROBA CA VENEZUELA FINANCIAL SERVICES 100.00 — 100.00 — — —
INVERSIONES P.H.R.4, C.A. VENEZUELA INACTIVE — 60.46 60.46 — — —
JALE PROCAM, S.L. (En liquidación) SPAIN IN LIQUIDATION — 50.00 50.00 — (60) (3)
MADIVA SOLUCIONES, S.L. SPAIN SERVICES — 100.00 100.00 3 3 —
MISAPRE, S.A. DE C.V. MEXICO IN LIQUIDATION — 100.00 100.00 — — —
MOMENTUM SOCIAL INVESTMENT HOLDING, S.L. SPAIN INVESTMENT COMPANY — 100.00 100.00 7 8 —
MOTORACTIVE IFN SA ROMANIA FINANCIAL SERVICES — 100.00 100.00 35 30 3
MOTORACTIVE MULTISERVICES SRL ROMANIA SERVICES — 100.00 100.00 — 2 1
MOVISTAR CONSUMER FINANCE COLOMBIA SAS COLOMBIA FINANCIAL SERVICES — 50.00 50.00 1 4 (2)
MULTIASISTENCIA OPERADORA S.A. DE C.V. MEXICO INSURANCES SERVICES — 100.00 100.00 — — —
MULTIASISTENCIA SERVICIOS S.A. DE C.V. MEXICO INSURANCES SERVICES — 100.00 100.00 — — —
MULTIASISTENCIA, S.A. DE C.V. MEXICO INSURANCES SERVICES — 100.00 100.00 47 34 13
OPCION VOLCAN, S.A. MEXICO REAL ESTATE — 100.00 100.00 2 2 —
OPENPAY ARGENTINA SA ARGENTINA PAYMENT ENTITIES — 100.00 100.00 5 10 —
OPENPAY COLOMBIA SAS COLOMBIA PAYMENT ENTITIES — 100.00 100.00 2 1 (1)
OPENPAY PERÚ SA PERU PAYMENT ENTITIES — 100.00 100.00 3 3 (1)
OPENPAY S.A. DE C.V. MEXICO PAYMENT ENTITIES — 100.00 100.00 18 4 1
OPENPAY SERVICIOS S.A. DE C.V. MEXICO SERVICES — 100.00 100.00 — — —
OPERADORA DOS LAGOS S.A. DE C.V. MEXICO SERVICES — 100.00 100.00 — — —
OPPLUS OPERACIONES Y SERVICIOS SA SPAIN SERVICES 100.00 — 100.00 1 16 6
PECRI INVERSION SL SPAIN INVESTMENT COMPANY 100.00 — 100.00 265 263 2
PORTICO PROCAM, S.L. SPAIN REAL ESTATE — 100.00 100.00 26 26 —
PROMOTORA DEL VALLES, S.L. SPAIN REAL ESTATE — 100.00 100.00 51 51 8
PROMOU CT GEBIRA, S.L. SPAIN REAL ESTATE — 100.00 100.00 2 2 —
PROMOU CT OPENSEGRE, S.L. SPAIN REAL ESTATE — 100.00 100.00 5 5 —
PRONORTE UNO PROCAM, S.A. SPAIN REAL ESTATE — 100.00 100.00 1 — 1
PROPEL EXPLORER FUND I SL SPAIN INVESTMENT COMPANY — 99.50 99.50 12 13 (1)
PROPEL VENTURE PARTNERS BRAZIL S.L. SPAIN INVESTMENT COMPANY — 99.80 99.80 11 11 1
PROPEL VENTURE PARTNERS GLOBAL, S.L SPAIN FINANCIAL SERVICES — 99.50 99.50 63 91 84
PROPEL VENTURE PARTNERS US FUND I, L.P. UNITED STATES FINANCIAL SERVICES 99.50 — 99.50 235 175 87
PRO-SALUD, C.A. VENEZUELA INACTIVE — 58.86 58.86 — — —
PROVINCIAL DE VALORES CASA DE BOLSA CA VENEZUELA SECURITIES DEALER — 90.00 90.00 1 1 —
PROVINCIAL SDAD.ADMIN.DE ENTIDADES DE INV.COLECTIVA CA VENEZUELA INVESTMENT FUND MANAGEMENT — 100.00 100.00 1 1 —
PROVIVIENDA ENTIDAD RECAUDADORA Y ADMIN.DE APORTES, S.A. BOLIVIA PENSION FUND MANAGEMENT — 100.00 100.00 2 2 —
  • (*) Amount without considering the interim dividends of the year, according to the provisional financial statements of each company, generally as of December 31, 2020. In the carrying amount (net of provision and hedge in foreign operations), the Group´s ownership percentage has been applied, without considering the impairment of goodwill. Information on foreign companies at exchange rate as of December 31, 2021.
  • (**) In accordance with Article 3 of Royal Decree 1159/2010, of September 17, in order to determine the state, the voting power relating to subsidiaries was added to the voting power directly held by the parent. Therefore, the number of votes corresponding to the parent company (including indirect control subsidiaries), corresponds to each subsidiary holding a direct ownership interest.
  • (1) Full consolidation method is used according to accounting rules (see Glossary).

Download table

Additional information on subsidiaries and structured entities composing the BBVA Group (Continued)
% share of participation (**) Millions of Euros (*)
Affiliate entity data
Company Location Activity Direct Indirect Total Net carrying
amount		 Equity excluding
profit (loss)
31.12.21		 Profit (loss)
31.12.21
PSA FINANCE ARGENTINA COMPAÑIA FINANCIERA SA ARGENTINA BANKING — 50.00 50.00 10 13 7
RALFI IFN SA ROMANIA FINANCIAL SERVICES — 100.00 100.00 37 19 1
RPV COMPANY CAYMAN ISLANDS OTHER ISSUANCE COMPANIES — 100.00 100.00 — (1) 1
SATICEM GESTIO SL SPAIN REAL ESTATE 100.00 — 100.00 4 4 —
SATICEM HOLDING SL SPAIN REAL ESTATE 100.00 — 100.00 5 5 —
SATICEM IMMOBILIARIA SL SPAIN REAL ESTATE 100.00 — 100.00 19 15 3
SATICEM IMMOBLES EN ARRENDAMENT SL SPAIN REAL ESTATE 100.00 — 100.00 2 2 —
SEGUROS PROVINCIAL CA VENEZUELA INSURANCES SERVICES — 100.00 100.00 10 5 5
SERVICIOS CORPORATIVOS DE SEGUROS, S.A. DE C.V. MEXICO SERVICES — 100.00 100.00 2 4 (2)
SERVICIOS EXTERNOS DE APOYO EMPRESARIAL, S.A DE C.V. MEXICO SERVICES — 100.00 100.00 7 7 (1)
SOCIEDAD DE ESTUDIOS Y ANALISIS FINANCIERO SA SPAIN SERVICES 100.00 — 100.00 65 63 2
SOCIEDAD GESTORA DEL FONDO PUBLICO DE REGULACION DEL MERCADO HIPOTECARIO SA SPAIN INACTIVE 77.20 — 77.20 — — —
SPORT CLUB 18 SA SPAIN INVESTMENT COMPANY 100.00 — 100.00 11 10 1
TRIFOI REAL ESTATE SRL ROMANIA REAL ESTATE — 100.00 100.00 1 1 —
UNIVERSALIDAD TIPS PESOS E-9 COLOMBIA FINANCIAL SERVICES — 100.00 100.00 — 25 —
UNNIM SOCIEDAD PARA LA GESTION DE ACTIVOS INMOBILIARIOS SA SPAIN REAL ESTATE 100.00 — 100.00 619 508 (4)
URBANIZADORA SANT LLORENC SA SPAIN INACTIVE 60.60 — 60.60 — — —
VERIDAS DIGITAL AUTHENTICATION SOLUTIONS S.L. SPAIN SERVICES — 51.00 51.00 1 4 —
VOLKSWAGEN FINANCIAL SERVICES COMPAÑIA FINANCIERA SA ARGENTINA BANKING — 51.00 51.00 18 23 12
  • (*) Amount without considering the interim dividends of the year, according to the provisional financial statements of each company, generally as of December 31, 2021. In the carrying amount (net of provision and hedge in foreign operations), the Group´s ownership percentage has been applied, without considering the impairment of goodwill. Information on foreign companies at exchange rate as of December 31, 2021.
  • (**) In accordance with Article 3 of Royal Decree 1159/2010, of September 17, in order to determine the state, the voting power relating to subsidiaries was added to the voting power directly held by the parent. Therefore, the number of votes corresponding to the parent company (including indirect control subsidiaries), corresponds to each subsidiary holding a direct ownership interest. .

Download table

This Appendix is an integral part of Note 3 of the consolidated financial statements for the year ended December 31, 2021.

APPENDIX II. Additional information on investments joint ventures and associates in the BBVA Group as of December 31, 2021

Acquisitions or increases of interest ownership in consolidated subsidiaries

Most significant companies are included, which together represent 99.9% of the total investment in this group.

% Legal share of participation Millions of Euros (*)
Affiliate entity data
Company Location Activity Direct Indirect Total Net carrying
amount		 Assets
31.12.21		 Liabilities
31.12.2021		 Equity excluding
profit (loss)
31.12.21		 Profit (loss)
31.12.21
ASSOCIATES
ADQUIRA ESPAÑA, S.A. SPAIN SERVICES — 44.44 44.44 4 19 11 8 1
ATOM BANK PLC UNITED KINGDOM BANKING 38.97 — 38.97 77 4,765 4,568 226 (29)
AUREA, S.A. (CUBA) CUBA REAL ESTATE — 49.00 49.00 4 10 1 9 —
BBVA ALLIANZ SEGUROS Y REASEGUROS, S.A. SPAIN INSURANCES SERVICES — 50.00 50.00 254 805 253 547 5
COMPAÑIA ESPAÑOLA DE FINANCIACION DEL DESARROLLO SA SPAIN PUBLIC COMPANIES AND INSTITUTIONS 16.67 — 16.67 28 174 7 149 18
COMPAÑIA PERUANA DE MEDIOS DE PAGO SAC (VISANET PERU) PERU ELECTRONIC MONEY ENTITIES — 21.15 21.15 2 184 176 2 5
FIDEICOMISO F/00185 FIMPE - FIDEICOMISO F/00185 PARA EXTENDER A LA SOCIEDAD LOS BENEFICIOS DEL ACCESO A LA INFRAESTRUCTURA DE LOS MEDIOS DE PAGO ELECTRONICOS MEXICO FINANCIAL SERVICES — 28.50 28.50 1 3 — 4 (1)
METROVACESA SA SPAIN REAL ESTATE 9.44 11.41 20.85 259 2,790 720 2,060 10
PLAY DIGITAL SA ARGENTINA PAYMENT ENTITIES — 10.83 10.83 1 11 2 18 (8)
REDSYS SERVICIOS DE PROCESAMIENTO SL SPAIN FINANCIAL SERVICES 24.90 — 24.90 19 108 33 71 4
ROMBO COMPAÑIA FINANCIERA SA ARGENTINA BANKING — 40.00 40.00 7 121 104 16 1
SBD CREIXENT, S.A. SPAIN REAL ESTATE — 23.05 23.05 1 4 1 4 —
SEGURIDAD Y PROTECCION BANCARIAS SA DE CV MEXICO SERVICES — 26.14 26.14 1 3 — 3 —
SERVICIOS ELECTRONICOS GLOBALES SA DE CV MEXICO SERVICES — 46.14 46.14 15 33 — 25 7
SERVIRED SOCIEDAD ESPAÑOLA DE MEDIOS DE PAGO SA SPAIN FINANCIAL SERVICES 28.72 — 28.72 7 110 84 27 (1)
SISTEMAS DE TARJETAS Y MEDIOS DE PAGO SA SPAIN PAYMENT ENTITIES 20.61 — 20.61 1 1,925 1,920 5 —
SOLARISBANK AG (1) GERMANY BANKING — 15.40 15.40 61 3,450 3,218 259 (27)
TELEFONICA FACTORING COLOMBIA, S.A. COLOMBIA FINANCIAL SERVICES — 24.30 24.30 1 68 64 1 2
TELEFONICA FACTORING ESPAÑA SA (2) SPAIN FINANCIAL SERVICES 30.00 — 30.00 4 84 70 7 7
TELEFONICA FACTORING MEXICO SA DE CV MEXICO IN LIQUIDATION 24.30 — 24.30 1 3 — 2 —
TF PERU SAC PERU FINANCIAL SERVICES — 24.30 24.30 1 7 1 3 2
JOINT VENTURES
ALTURA MARKETS SOCIEDAD DE VALORES SA SPAIN SECURITIES DEALER 50.00 — 50.00 76 3,317 3,165 144 8
COMPAÑIA MEXICANA DE PROCESAMIENTO SA DE CV MEXICO SERVICES — 50.00 50.00 8 17 — 17 —
CORPORACION IBV PARTICIPACIONES EMPRESARIALES, S.A. (3) SPAIN INVESTMENT COMPANY — 50.00 50.00 29 63 5 58 —
DESARROLLOS METROPOLITANOS DEL SUR, S.L. SPAIN REAL ESTATE — 50.00 50.00 18 93 58 32 3
FIDEICOMISO 1729 INVEX ENAJENACION DE CARTERA (3) MEXICO REAL ESTATE — 44.09 44.09 10 167 — 167 —
FIDEICOMISO F/402770-2 ALAMAR MEXICO REAL ESTATE — 42.40 42.40 7 17 — 17 —
INVERSIONES PLATCO CA VENEZUELA FINANCIAL SERVICES — 50.00 50.00 1 4 2 3 —
PROMOCIONS TERRES CAVADES, S.A. SPAIN REAL ESTATE — 39.11 39.11 1 3 — 15 (12)
RCI COLOMBIA SA COMPAÑIA DE FINANCIAMIENTO COLOMBIA FINANCIAL SERVICES — 49.00 49.00 40 630 549 66 15
  • (*) In foreign companies the exchange rate of December 31, 2021 is applied.
  • (1) The percentage of voting rights owned by the Group entities in this company is 22.22%.
  • (2) Financial Statements as of December 31, 2020.
  • (3) Classified as Non-current asset in sell.

Download table

This Appendix is an integral part of Notes 3 and 16.1 of the consolidated financial statements for the year ended December 31, 2020.

APPENDIX III. Changes and notifications of participations in the BBVA Group in 2021

Acquisitions or increases of interest ownership in consolidated subsidiaries
Company (*) Type of transaction Total voting rights controlled after the disposal Effective Date for the Transaction (or Notification Date)
OPENPAY PERÚ SA FOUNDING 100.00 08-Mar-21
MOVISTAR CONSUMER FINANCE COLOMBIA SAS FOUNDING 50.00 31-Mar-21
PROPEL EXPLORER FUND I SL FOUNDING 99.50 01-Jun-21
OPENPAY ARGENTINA SA FOUNDING 100.00 01-Jul-21
  • (*) Variations of less than 0.1% have not been considered due to immateriality

Download table

Changes and notifications of participations in the BBVA Group in 2021 (continued)

Disposals or reduction of interest ownership in consolidated subsidiaries
Company (*) Type of transaction Total voting rights controlled after the disposal Effective date for the transaction (or notification date)
BBVA AUTOMERCANTIL COMERCIO E ALUGER DE VEICULOS AUTOMOVEIS LDA. LIQUIDATION — 21-Jan-21
BBVA PARAGUAY SA DISPOSAL — 22-Jan-21
HOLVI PAYMENT SERVICE OY DISPOSAL — 01-Feb-21
CAIXASABADELL PREFERENTS SA LIQUIDATION — 04-Mar-21
BBVA INTERNATIONAL PREFERRED SOCIEDAD ANONIMA LIQUIDATION — 12-Mar-21
CAIXA TERRASSA SOCIETAT DE PARTICIPACIONS PREFERENTS SAU LIQUIDATION — 25-Mar-21
DENIZEN FINANCIAL, INC MERGER — 27-Apr-21
COVAULT, INC MERGER — 11-May-21
ENTRE2 SERVICIOS FINANCIEROS E.F.C SA LIQUIDATION — 21-May-21
BBVA TRANSFER SERVICES INC DISPOSAL — 01-Jun-21
BBVA FOREIGN EXCHANGE INC. DISPOSAL — 01-Jun-21
BBVA REAL ESTATE MEXICO, S.A. DE C.V. LIQUIDATION — 01-Jun-21
BBVA USA BANCSHARES, INC. DISPOSAL — 01-Jun-21
BBVA USA DISPOSAL — 01-Jun-21
SIMPLE FINANCE TECHNOLOGY CORP. DISPOSAL — 01-Jun-21
BBVA INSURANCE AGENCY, INC. DISPOSAL — 01-Jun-21
BBVA FINANCIAL CORPORATION DISPOSAL — 01-Jun-21
BBVA WEALTH SOLUTIONS, INC. DISPOSAL — 01-Jun-21
BBVA MORTGAGE CORPORATION DISPOSAL — 01-Jun-21
HUMAN RESOURCES PROVIDER, INC DISPOSAL — 01-Jun-21
HUMAN RESOURCES SUPPORT, INC DISPOSAL — 01-Jun-21
TUCSON LOAN HOLDINGS, INC. DISPOSAL — 01-Jun-21
COMPASS TEXAS MORTGAGE FINANCING, INC DISPOSAL — 01-Jun-21
PHOENIX LOAN HOLDINGS, INC. DISPOSAL — 01-Jun-21
COMPASS MORTGAGE FINANCING, INC. DISPOSAL — 01-Jun-21
COMPASS LOAN HOLDINGS TRS, INC. DISPOSAL — 01-Jun-21
PI HOLDINGS NO. 1, INC. DISPOSAL — 01-Jun-21
P.I. HOLDINGS NO. 3, INC. DISPOSAL — 01-Jun-21
COMPASS CAPITAL MARKETS, INC. DISPOSAL — 01-Jun-21
ARIZONA FINANCIAL PRODUCTS, INC DISPOSAL — 01-Jun-21
COMPASS LIMITED PARTNER, INC. DISPOSAL — 01-Jun-21
COMPASS GP, INC. DISPOSAL — 01-Jun-21
COMPASS SOUTHWEST, LP DISPOSAL — 01-Jun-21
TEXAS LOAN SERVICES LP DISPOSAL — 01-Jun-21
LIQUIDITY ADVISORS LP DISPOSAL — 01-Jun-21
COMPASS INSURANCE TRUST DISPOSAL — 01-Jun-21
GUARANTY BUSINESS CREDIT CORPORATION DISPOSAL — 01-Jun-21
TMF HOLDING INC. DISPOSAL — 01-Jun-21
  • (*) Variations of less than 0.1% have not been considered due to immateriality

Download table

Changes and notifications of participations in the BBVA Group in 2021 (continued)

Company (*) Type of transaction Total voting rights controlled after the disposal Effective date for the transaction (or notification date)
GUARANTY PLUS HOLDING COMPANY DISPOSAL — 01-Jun-21
RWHC, INC DISPOSAL — 01-Jun-21
SAGE OG I, INC DISPOSAL — 01-Jun-21
SAGE OG2, LLC DISPOSAL — 01-Jun-21
BBVA TRANSFER HOLDING INC DISPOSAL — 01-Jun-21
BBVA OPEN PLATFORM INC DISPOSAL — 01-Jun-21
DALLAS CREATION CENTER, INC DISPOSAL — 01-Jun-21
AZLO BUSINESS, INC DISPOSAL — 01-Jun-21
UPTURN FINANCIAL INC DISPOSAL — 01-Jun-21
ARRAHONA AMBIT, S.L. LIQUIDATION — 01-Jun-21
ARRELS CT LLOGUER, S.A. LIQUIDATION — 01-Jun-21
GARRAF MEDITERRANIA, S.A. LIQUIDATION — 01-Jun-21
PROMOU CT 3AG DELTA, S.L. LIQUIDATION — 01-Jun-21
PROMOU CT EIX MACIA, S.L. LIQUIDATION — 01-Jun-21
PROMOU CT VALLES, S.L. LIQUIDATION — 01-Jun-21
PROMOCIONES Y CONSTRUCCIONES CERBAT, S.L.U. LIQUIDATION — 01-Jun-21
CETACTIUS SL LIQUIDATION — 01-Jun-21
PROV-INFI-ARRAHONA, S.L. LIQUIDATION — 03-Jun-21
BBVA PROCUREMENT SERVICES AMERICA DEL SUR SPA, EN LIQUIDACION LIQUIDATION — 01-Sep-21
BBVA IRELAND PLC (En liquidación) LIQUIDATION — 28-Oct-21
PUERTO CIUDAD LAS PALMAS, S.A. LIQUIDATION — 17-Nov-21
PARCSUD PLANNER, S.L. LIQUIDATION — 14-Dec-21
PROMOU GLOBAL, S.L. LIQUIDATION — 14-Dec-21
NOVA TERRASSA 3, S.L. LIQUIDATION — 14-Dec-21
OPPLUS SAC (En liquidación) LIQUIDATION — 15-Dec-21
IRIDION SOLUCIONS IMMOBILIARIES SL LIQUIDATION — 16-Dec-21
QIPRO SOLUCIONES S.L. DISPOSAL — 22-Dec-21
CATALONIA GEBIRA, S.L. (En liquidación) LIQUIDATION — 22-Dec-21
INVERPRO DESENVOLUPAMENT, S.L. LIQUIDATION — 22-Dec-21
INPAU, S.A. LIQUIDATION — 31-Dec-21
  • (*) Variations of less than 0.1% have not been considered due to immateriality

Download table

Changes and notifications of participations in the BBVA Group in 2021 (continued)

Business combinations and other acquisitions or increases of interest ownership in associates and joint-ventures accounted for under the equity method
Company (*) Type of transaction Total voting rights controlled after the disposal Effective date for the transaction (or notification date)
PLAY DIGITAL SA SHAREHOLDERS AGREEMENT 10.83 01-Mar-21
REDSYS SERVICIOS DE PROCESAMIENTO SL DISPOSAL 24.90 02-Sep-21
COMPAÑIA PERUANA DE MEDIOS DE PAGO SAC (VISANET PERU) DISPOSAL 21.15 01-Oct-21
SISTEMAS DE TARJETAS Y MEDIOS DE PAGO SA DISPOSAL 20.61 14-Oct-21
  • (*) Variations of less than 0.1% have not been considered due to immateriality.

Download table

Changes and notifications of participations in the BBVA Group in 2021 (continued)

Disposal or reduction of interest ownership in associates and joint-ventures companies accounted for under the equity method
Company (*) Type of transaction Total voting rights controlled after the disposal Effective date for the transaction (or notification date)
DIVARIAN PROPIEDAD, S.A.U. DISPOSAL — 15-Oct-21
SOLARISBANK AG (1) CAPITAL INCREASE DILUTION 15.40 16-Dec-21
CORPORATIVO VITAMEDICA, S.A. DE C.V. DISPOSAL — 22-Jan-21
SERVICIOS VITAMEDICA, S.A. DE C.V. DISPOSAL — 22-Jan-21
VITAMEDICA ADMINISTRADORA, S.A. DE C.V DISPOSAL — 22-Jan-21
  • (*) Variations of less than 0.1% have not been considered due to immateriality
  • (1)The percentage of voting rights owned by the Group entities in this company is 22.22%

This Appendix is an integral part of Notes 3 and 16.1 of the consolidated financial statements for the year ended December 31, 2021.

Download table

APPENDIX IV. Fully consolidated subsidiaries with more than 10% owned by non-Group shareholders as of December 31, 2021

% of voting rights controlled by the Bank
Company Activity Direct Indirect Total
BBVA BANCO CONTINENTAL SA BANKING — 46.12 46.12
BANCO PROVINCIAL SA - BANCO UNIVERSAL BANKING 1.46 53.75 55.21
INVERSIONES BANPRO INTERNATIONAL INC NV INVESTMENT COMPANY 48.00 — 48.01
PRO-SALUD, C.A. INACTIVE — 58.86 58.86
INVERSIONES P.H.R.4, C.A. INACTIVE — 60.46 60.46
BBVA PREVISION AFP SA ADM.DE FONDOS DE PENSIONES PENSION FUND MANAGEMENT 75.00 5.00 80.00
COMERCIALIZADORA CORPORATIVA SAC FINANCIAL SERVICES — 50.00 50.00
DISTRITO CASTELLANA NORTE, S.A. REAL ESTATE — 75.54 75.54
GESTION DE PREVISION Y PENSIONES SA PENSION FUND MANAGEMENT 60.00 — 60.00
F/253863 EL DESEO RESIDENCIAL REAL ESTATE — 65.00 65.00
DATA ARCHITECTURE AND TECHNOLOGY S.L. SERVICES — 51.00 51.00
VOLKSWAGEN FINANCIAL SERVICES COMPAÑIA FINANCIERA SA BANKING — 51.00 51.00
FIDEICOMISO LOTE 6.1 ZARAGOZA REAL ESTATE — 59.99 59.99
F/11395 FIDEICOMISO IRREVOCABLE DE ADMINISTRACION CON DERECHO DE REVERSION REAL ESTATE — 42.40 42.40
VERIDAS DIGITAL AUTHENTICATION SOLUTIONS S.L. SERVICES — 51.00 51.00
MOVISTAR CONSUMER FINANCE COLOMBIA SAS FINANCIAL SERVICES — 50,00 50,00
GARANTI BBVA EMEKLILIK AS INSURANCES SERVICES — 84.91 84.91
FOMENTO Y DESARROLLO DE CONJUNTOS RESIDENCIALES S.L. EN LIQUIDACIÓN IN LIQUIDATION — 60.00 60.00
BBVA INFORMATION TECHNOLOGY ESPAÑA SL SERVICES 76.00 — 76.00
JALE PROCAM, S.L. (En liquidación) IN LIQUIDATION — 50.00 50.00
PSA FINANCE ARGENTINA COMPAÑIA FINANCIERA SA BANKING — 50.00 50.00

This Appendix is an integral part of Note 3 of the consolidated financial statements for the year ended December 31, 2021.

Download table

APPENDIX V. BBVA Group’s structured entities as of December 31, 2021. Securitization funds

Millions of Euros
Securitization fund (consolidated) Company Origination date Total securitized
exposures at the
origination date		 Total securitized exposures
as of December 31, 2021
TDA 18 MIXTO, FTA BANCO BILBAO VIZCAYA ARGENTARIA SA 20-Nov-03 91 9
TDA 22 Mixto, FTA (Unnim) BANCO BILBAO VIZCAYA ARGENTARIA SA 09-Dec-04 592 17
AYT Hipotecario Mixto IV, FTA BANCO BILBAO VIZCAYA ARGENTARIA SA 27-Jun-05 100 10
AYT HIP MIXTO V BANCO BILBAO VIZCAYA ARGENTARIA SA 21-Jul-06 120 22
TDA 27 Mixto, FTA BANCO BILBAO VIZCAYA ARGENTARIA SA 22-Dec-06 275 69
TDA 28 Mixto, FTA BANCO BILBAO VIZCAYA ARGENTARIA SA 23-Jul-07 250 70
HIPOCAT 6 FTA BANCO BILBAO VIZCAYA ARGENTARIA SA 17-Sep-03 850 68
HIPOCAT 7 FTA BANCO BILBAO VIZCAYA ARGENTARIA SA 08-Jun-04 1,400 166
HIPOCAT 8 FTA BANCO BILBAO VIZCAYA ARGENTARIA SA 06-May-05 1,500 179
HIPOCAT 9 FTA BANCO BILBAO VIZCAYA ARGENTARIA SA 25-Nov-05 1,016 149
HIPOCAT 10 FTA BANCO BILBAO VIZCAYA ARGENTARIA SA 05-Jul-06 1,526 236
HIPOCAT 11 FTA BANCO BILBAO VIZCAYA ARGENTARIA SA 09-Mar-07 1,628 307
TDA 19 MIXTO, FTA BANCO BILBAO VIZCAYA ARGENTARIA SA 27-Feb-04 600 20
TDA 23 MIXTO, FTA BANCO BILBAO VIZCAYA ARGENTARIA SA 18-Mar-05 860 25
TDA TARRAGONA 1 FTA BANCO BILBAO VIZCAYA ARGENTARIA SA 30-Nov-07 397 81
GAT VPO (UNNIM) BANCO BILBAO VIZCAYA ARGENTARIA SA 25-Jun-09 780 45
BBVA CONSUMO 10 FT BANCO BILBAO VIZCAYA ARGENTARIA SA 08-Jul-19 2,000 1,364
BBVA CONSUMO 11 FT BANCO BILBAO VIZCAYA ARGENTARIA SA 12-Mar-21 2,500 2,053
BBVA CONSUMO 9 FT BANCO BILBAO VIZCAYA ARGENTARIA SA 27-Mar-17 1,375 405
BBVA CONSUMER AUTO 2018-1 BANCO BILBAO VIZCAYA ARGENTARIA SA 18-Jun-18 800 379
BBVA CONSUMER AUTO 2020-1 BANCO BILBAO VIZCAYA ARGENTARIA SA 15-Jun-20 1,100 1,100
BBVA RMBS 1 FTA BANCO BILBAO VIZCAYA ARGENTARIA SA 19-Feb-07 2,500 743
BBVA RMBS 2 FTA BANCO BILBAO VIZCAYA ARGENTARIA SA 26-Mar-07 5,000 1,355
BBVA RMBS 3 FTA BANCO BILBAO VIZCAYA ARGENTARIA SA 22-Jul-07 3.000 1,300
BBVA RMBS 5 FTA BANCO BILBAO VIZCAYA ARGENTARIA SA 24-May-08 5,000 2,312
BBVA RMBS 9 FTA BANCO BILBAO VIZCAYA ARGENTARIA SA 18-Abr-10 1,295 734
BBVA RMBS 10 FTA BANCO BILBAO VIZCAYA ARGENTARIA SA 19-Jun-11 1,600 1,011
BBVA RMBS 11 FTA BANCO BILBAO VIZCAYA ARGENTARIA SA 09-Jun-12 1,400 892
BBVA RMBS 12 FTA BANCO BILBAO VIZCAYA ARGENTARIA SA 09-Dec-13 4,350 2,763
BBVA RMBS 13 FTA BANCO BILBAO VIZCAYA ARGENTARIA SA 14-Jul-14 4,100 2,730
BBVA RMBS 14 FTA BANCO BILBAO VIZCAYA ARGENTARIA SA 24-Nov-14 700 397
BBVA RMBS15 FT BANCO BILBAO VIZCAYA ARGENTARIA SA 11-May-15 4,000 2,681
BBVA RMBS 16 FT BANCO BILBAO VIZCAYA ARGENTARIA SA 09-May-16 1,600 1,129
BBVA RMBS 17 FT BANCO BILBAO VIZCAYA ARGENTARIA SA 21-Nov-16 1,800 1,309
BBVA RMBS 18 FT BANCO BILBAO VIZCAYA ARGENTARIA SA 20-Nov-17 1,800 1,484
BBVA RMBS 19 FT BANCO BILBAO VIZCAYA ARGENTARIA SA 25-Nov-19 2,000 1,807
BBVA RMBS 20 FT BANCO BILBAO VIZCAYA ARGENTARIA SA 14-Jun-21 2,500 2,500
BBVA LEASING 1 FTA BANCO BILBAO VIZCAYA ARGENTARIA SA 24-Jun-07 2,500 81
BBVA LEASING 2 FTA BANCO BILBAO VIZCAYA ARGENTARIA SA 27-Jul-20 2,100 1,353
BBVA-6 FTPYME FTA BANCO BILBAO VIZCAYA ARGENTARIA SA 10-Jun-07 1,500 37

Download table

APPENDIX VI. Details of the outstanding subordinated debt and preferred securities issued by the Bank or entities in the Group consolidated as of December 31, 2021, 2020 and 2019

Outstanding as of December 31, 2021, 2020 and 2019 of subordinated issues
Millions of Euros
Issuer entity and issued date Currency December
2021		 December
2020		 December
2019		 Prevailing Interest
Rate
as of December 31,
2021		 Maturity
Date
Issues in Euros
BANCO BILBAO VIZCAYA ARGENTARIA S.A.
March-08 EUR 125 125 125 6.03% 3-Mar-33
July-08 EUR 100 100 100 6.20% 4-Jul-23
February-15 EUR — — 1,500 6.75% Perpetual
April-16 EUR — 1,000 1,000 8.88% Perpetual
February-17 EUR 1,000 1,000 1,000 3.50% 10-Feb-27
February-17 EUR 99 99 99 4.00% 24-Feb-32
March-17 EUR 65 65 65 4.00% 24-Feb-32
May-17 EUR 150 150 150 2.54% 24-May-27
May-17 EUR 500 500 500 5.88% Perpetual
September-18 EUR 1,000 1,000 1,000 5.88% Perpetual
February-19 EUR 750 750 750 2.58% 22-Feb-29
March-19 EUR 1,000 1,000 1,000 6.00% Perpetual
January-20 EUR 994 994 — 1.00% 16-Jan-30
July-20 EUR 1,000 1,000 — 6.00% Perpetual
Different issues EUR 245 330 379
Total issued in Euros EUR 7,028 8,113 7,668

Download table

Outstanding as of December 31, 2021, 2020 and 2019 of subordinated issues (continued)
Millions of Euros
Issuer entity and issued date Currency December 2021 December 2020 December 2019 Prevailing
Interest Rate
as of December
31, 2020		 Maturity
Date
Issues in foreign currency
BANCO BILBAO VIZCAYA ARGENTARIA SA
March-17 USD 106 98 107 5.70% 31-Mar-32
November-17 USD 883 815 890 6.13% Perpetual
May-18 USD 263 243 265 5.25% 29-May-33
September-19 USD 883 815 890 6.50% Perpetual
Subtotal USD 2,135 1,970 2,152
May-17 CHF 19 19 18 1.60% 24-May-27
Subtotal CHF 19 19 18
July-20 GBP 357 334 — 3.10% 15-Jul-31
Subtotal GBP 357 334 —
BBVA GLOBAL FINANCE LTD (*)
December-95 USD 176 162 177 7.00% 01-Dec-25
Subtotal USD 176 162 177
BBVA BANCOMER S.A. INSTITUCION DE BANCA MULTIPLE GRUPO FINANCIERO BBVA BANCOMER
April-10 USD — — 667 7.25% 22-Apr-20
March-11 USD — 612 667 6.50% 10-Mar-21
July-12 USD 1,329 1,223 1,333 6.75% 30-Sep-22
November-14 USD 177 163 178 5.35% 12-Nov-29
January-18 USD 886 815 889 5.13% 18-Jan-33
September-19 USD 665 612 667 5.88% 13-Sep-34
Subtotal USD 3,057 3,425 4,401
BBVA URUGUAY
Different issues USD — — 2
Subtotal USD — — 2
BBVA PARAGUAY S.A. (**)            
November-14 USD — 16 18 6.75% 05-Nov-21
November-15 USD — 20 22 6.70% 18-Nov-22
Subtotal USD — 37 40
BBVA USA (**)
March-05 USD — — 203 5.50% 01-Apr-20
March-06 USD — 58 63 5.90% 01-Apr-26
April-15 USD — 570 623 3.88% 10-Apr-25
Subtotal USD — 628 889
  • (*) The issuances of BBVA Global Finance, Ltd, are guaranteed (secondary liability) by the Bank.
  • (**) Companies sold in 2021 (see Note 3).

Download table

Outstanding as of December 31, 2021, 2020 and 2019 of subordinated issues
Millions of Euros
Issuer entity and issued date
(continued) 		Currency December
2021		 December
2020		 December
2019		 Prevailing Interest
Rate
as of December 31,
2021		 Maturity
Date
BBVA COLOMBIA S.A.
September-11 COP — 25 29 4.45% 19-Sep-21
September-11 COP 35 37 42 4.70% 19-Sep-26
February-13 COP 44 47 54 3.60% 19-Feb-23
February-13 COP 37 39 45 3.89% 19-Feb-28
November-14 COP 20 21 24 4.38% 26-Nov-29
November-14 COP 32 30 34 4.50% 26-Nov-34
Subtotal COP 168 200 229
April-15 USD 349 324 333 4.88% 21-Apr-25
Subtotal USD 349 324 333
BBVA BANCO CONTINENTAL S.A.
June-07 PEN 19 18 22 3.47% 18-Jun-32
November-07 PEN 17 16 19 3.56% 19-Nov-32
July-08 PEN 15 15 17 3.06% 08-Jul-23
September-08 PEN 16 16 18 3.09% 09-Sep-23
December-08 PEN 10 9 11 4.19% 15-Dec-33
Subtotal PEN 77 74 87
May-07 USD 18 16 18 6.00% 14-May-27
February-08 USD 18 17 18 6.47% 28-Feb-28
October-13 USD 40 37 41 6.53% 02-Oct-28
September-14 USD 272 257 269 5.25% 22-Sep-29
Subtotal USD 349 327 346
GARANTI BBVA AS
May-17 USD 645 607 664 6.13% 24-May-27
Subtotal USD 645 607 664
October-19 TRY 17 28 38 16.00% 07-Oct-29
February-20 TRY 49 82 — 17.95% 14-Feb-30
Subtotal TRY 66 110 38
Total issues in other currencies 7,398 8,217 9,376

Download table

Outstanding as of December 31, 2021, 2020 and 2019 of subordinated issues (Millions of euros)
December 2021 December 2020 December 2019
Issuer entity and issued date Currency Amount Issued Currency Amount Issued Currency Amount Issued
BBVA COLOMBIA S.A.
December-93 COP — COP — COP 20
BBVA International Preferred, S.A.U.
July-07 GBP — GBP 35 GBP 37
PHOENIX LOAN HOLDINGS INC.
November-00 USD — USD 17 USD 19
CAIXA TERRASSA SOCIETAT DE PARTICIPACIONS PREFERENTS SAU
August-05 EUR — EUR 74 EUR 28
CAIXASABADELL PREFERENTS S.A.
July-06 EUR — EUR 85 EUR 56

Download table

APPENDIX VII Consolidated balance sheets held in foreign currency as of December 31, 2021, 2020 and 2019

Balance in foreign currency (Millions of euros)

December 2021
U.S. Dollar Mexican
pesos		 Turkish lira Other foreign
currencies		 Total foreign
currencies
Assets
Cash, cash balances at central banks and other demand deposits 19,164 5,816 893 4,245 30,118
Financial assets held for trading 10,699 18,973 1,104 8,840 39,615
Non- trading financial assets mandatorily at fair value through profit or loss 1,039 4,114 2 83 5,239
Financial assets at fair value through comprehensive income 6,455 9,323 2,325 8,697 26,800
Financial assets at amortized cost 46,223 57,580 21,655 38,657 164,115
Joint ventures and associates 5 15 — 263 283
Tangible assets 12 1,902 558 935 3,408
Other assets (204) 3,607 1,046 1,248 5,697
Total 83,393 101,331 27,583 62,969 275,276
Liabilities
Financial liabilities held for trading 10,448 13,784 450 1,312 25,994
Financial liabilities at amortized cost 67,306 60,570 14,946 43,859 186,681
Other liabilities 3,261 13,234 779 2,029 19,302
Total 81,015 87,588 16,175 47,200 231,977
December 2020
U.S. Dollar Mexican
pesos		 Turkish lira Other foreign
currencies		 Total foreign
currencies
Assets
Cash, cash balances at central banks and other demand deposits 16,615 4,847 772 4,130 26,365
Financial assets held for trading 5,114 22,154 359 6,112 33,740
Non- trading financial assets mandatorily at fair value through profit or loss 883 3,369 7 291 4,549
Financial assets at fair value through comprehensive income 7,073 7,723 2,489 8,087 25,373
Financial assets at amortized cost 39,841 53,184 26,810 38,036 157,871
Joint ventures and associates 5 14 — 246 265
Tangible assets 15 1,819 858 852 3,544
Other assets 83,406 2,053 1,191 2,009 88,658
Total 152,953 95,163 32,486 59,764 340,366
Liabilities
Financial liabilities held for trading 4,562 18,489 471 772 24,295
Financial liabilities at amortized cost 67,165 54,429 18,930 43,468 183,993
Other liabilities 78,724 6,662 687 7,393 93,466
Total 150,452 79,580 20,088 51,633 301,753
December 2019
U.S. Dollar Mexican
pesos		 Turkish lira Other foreign
currencies		 Total foreign
currencies
Assets
Cash, cash balances at central banks and other demand deposits 16,930 4,414 499 5,330 27,173
Financial assets held for trading 5,549 18,543 242 5,257 29,591
Non- trading financial assets mandatorily at fair value through profit or loss 900 3,509 4 116 4,529
Financial assets at fair value through comprehensive income 14,269 6,178 2,748 5,541 28,735
Financial assets at amortized cost 107,865 56,963 29,125 35,906 229,859
Joint-ventures and associates 5 20 — 252 277
Tangible assets 921 2,214 1,050 1,026 5,211
Other assets 1,946 2,147 1,174 5,508 10,775
Total 148,384 93,989 34,842 58,934 336,149
Liabilities
Financial liabilities held for trading 4,063 16,064 170 2,465 22,762
Financial liabilities at amortized cost 136,661 54,733 20,681 36,758 248,834
Other liabilities 5,555 6,757 881 8,172 21,365
Total 146,280 77,555 21,732 47,394 292,961

This Appendix is an integral part of Notes 2.2.15 of the consolidated financial statements for the year ended December 31, 2021.

Download table

APPENDIX VIII. Consolidated income statements for the first and second half of 2021 and 2020

CONSOLIDATED INCOME STATEMENTS (Millions of Euros)

Six months ended June 30, 2021 Six months ended December 31, 2021 Six months ended June 30, 2020 Six months ended December 31, 2020
Interest and other income 10,962 12,053 11,828 10,561
Interest expense (4,007) (4,322) (4,267) (3,530)
NET INTEREST INCOME 6,955 7,731 7,561 7,031
Dividend income 125 50 74 63
Share of profit or loss of entities accounted for using the equity method (5) 6 (17) (22)
Fee and commission income 3,311 3,686 2,987 2,992
Fee and commission expense (996) (1,235) (929) (928)
Gains (losses) on derecognition of financial assets and liabilities not measured at fair value through profit or loss, net 121 13 202 (63)
Gains (losses) on financial assets and liabilities held for trading, net 463 (122) 270 507
Gains (losses) on non-trading financial assets mandatorily at fair value through profit or loss, net 280 152 129 80
Gains (losses) on financial assets and liabilities designated at fair value through profit or loss, net 96 239 203 (146)
Gains (losses) from hedge accounting, net (81) (133) 35 (28)
Exchange differences, net 206 677 176 183
Other operating income 340 321 221 271
Other operating expense (997) (1,044) (814) (848)
Income from insurance and reinsurance contracts 1,350 1,243 1,307 1,190
Expense from insurance and reinsurance contracts (909) (776) (765) (755)
GROSS INCOME 10,259 10,807 10,639 9,527
Administration costs (3,983) (4,313) (3,999) (3,801)
Personnel expense (2,371) (2,675) (2,385) (2,310)
Other administrative expense (1,612) (1,638) (1,614) (1,490)
Depreciation and amortization (615) (619) (661) (627)
Provisions or reversal of provisions (928) (90) (518) (228)
Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification (1,580) (1,454) (3,572) (1,607)
Financial assets measured at amortized cost (1,587) (1,430) (3,502) (1,658)
Financial assets at fair value through other comprehensive income 8 (25) (70) 52
NET OPERATING INCOME 3,153 4,331 1,889 3,264
Impairment or reversal of impairment of investments in joint ventures and associates — — (60) (130)
Impairment or reversal of impairment on non-financial assets (196) (26) (65) (88)
Tangible assets (158) (3) (62) (63)
Intangible assets (5) (14) (3) (16)
Other assets (33) (8) — (9)
Gains (losses) on derecognition of non-financial assets and subsidiaries, net 5 19 3 (10)
Negative goodwill recognized in profit or loss — — — —
Gains (losses) from non-current assets and disposal groups classified as held for sale not qualifying as discontinued operations (73) 33 (10) 454
PROFIT (LOSS) BEFORE TAX FROM CONTINUING OPERATIONS 2,889 4,358 1,757 3,490
Tax expense or income related to profit or loss from continuing operations (782) (1,127) (477) (982)
PROFIT (LOSS) AFTER TAX FROM CONTINUING OPERATIONS 2,107 3,231 1,281 2,508
Profit (loss) after tax from discontinued operations 280 — (2,104) 375
PROFIT (LOSS) 2,387 3,231 (823) 2,883
ATTRIBUTABLE TO MINORITY INTEREST (NON-CONTROLLING INTEREST) 476 489 333 423
ATTRIBUTABLE TO OWNERS OF THE PARENT 1,911 2,742 (1,157) 2,462
Six months ended June 30, 2021 Six months ended December 31, 2021 Six months ended June 30, 2020 Six months ended December 31, 2020
EARNINGS (LOSSES) PER SHARE (Euros) 0.26 0.41 (0.20) 0.34
Basic earnings (losses) per share from continuing operations 0.21 0.41 0.11 0.29
Diluted earnings (losses) per share from continuing operations 0.21 0.41 0.11 0.29
Basic earnings (losses) per share from discontinued operations 0.04 — (0.32) 0.06
Diluted earnings (losses) per share from discontinued operations 0.04 — (0.32) 0.06

Download table

APPENDIX IX. Financial Statements of Banco Bilbao Vizcaya Argentaria, S.A.

ASSETS (Millions of euros)

2021 2020 (*)
CASH, CASH BALANCES AT CENTRAL BANKS AND OTHER DEMAND DEPOSITS 38,821 44,107
FINANCIAL ASSETS HELD FOR TRADING 105,391 85,298
Derivatives 28,389 36,545
Equity instruments 15,146 10,682
Debt securities 11,546 9,983
Loans and advances to central banks 3,467 53
Loans and advances to credit institutions 31,300 17,291
Loans and advances to customers 15,543 10,743
NON-TRADING FINANCIAL ASSETS MANDATORILY AT FAIR VALUE THROUGH PROFIT OR LOSS 437 409
Equity instruments 172 183
Debt securities 125 142
Loans and advances to central banks — —
Loans and advances to credit institutions — —
Loans and advances to customers 140 84
FINANCIAL ASSETS DESIGNATED AT FAIR VALUE THROUGH PROFIT OR LOSS — —
FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME 28,205 37,528
Equity instruments 1,103 881
Debt securities 27,102 36,648
FINANCIAL ASSETS AT AMORTIZED COST 231,276 225,914
Debt securities 22,312 23,241
Loans and advances to central banks 254 7
Loans and advances to credit institutions 8,371 8,762
Loans and advances to customers 200,339 193,903
DERIVATIVES - HEDGE ACCOUNTING 841 1,011
FAIR VALUE CHANGES OF THE HEDGED ITEMS IN PORTFOLIO HEDGES OF INTEREST RATE RISK 5 51
INVESTMENTS IN SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES 17,504 18,380
Subsidiaries 17,226 17,547
Joint ventures 54 54
Associates 225 780
TANGIBLE ASSETS 3,482 3,915
Properties, plant and equipment 3,396 3,836
For own use 3,396 3,836
Other assets leased out under an operating lease — —
Investment properties 87 80
INTANGIBLE ASSETS 841 840
Goodwill — —
Other intangible assets 841 840
TAX ASSETS 12,294 12,764
Current tax assets 546 633
Deferred tax assets 11,748 12,131
OTHER ASSETS 2,296 2,837
Insurance contracts linked to pensions 1,882 2,074
Inventories — —
Other 414 763
NON-CURRENT ASSETS AND DISPOSAL GROUPS CLASSIFIED AS HELD FOR SALE 885 9,978
TOTAL ASSETS 442,279 443,032
  • (*) Presented for comparison purposes only.

Download table

LIABILITIES AND EQUITY (Millions of euros)

2021 2020 (*)
FINANCIAL LIABILITIES HELD FOR TRADING 77,859 67,135
Derivatives 27,054 35,396
Short positions 13,148 9,625
Deposits from central banks 8,946 1,256
Deposits from credit institutions 14,821 13,901
Customer deposits 13,890 6,957
Debt certificates — —
Other financial liabilities — —
FINANCIAL LIABILITIES DESIGNATED AT FAIR VALUE THROUGH PROFIT OR LOSS 2,238 3,267
Deposits from central banks — —
Deposits from credit institutions — —
Customer deposits 2,238 3,267
Debt certificates — —
Other financial liabilities — —
Memorandum item: Subordinated liabilities — —
FINANCIAL LIABILITIES AT AMORTIZED COST 321,848 331,189
Deposits from central banks 40,839 37,903
Deposits from credit institutions 14,936 22,106
Customer deposits 216,452 217,360
Debt certificates 37,866 43,692
Other financial liabilities 11,756 10,127
Memorandum item: Subordinated liabilities 9,912 11,096
DERIVATIVES - HEDGE ACCOUNTING 2,126 1,510
FAIR VALUE CHANGES OF THE HEDGED ITEMS IN PORTFOLIO HEDGES OF INTEREST RATE RISK — —
PROVISIONS 4,488 4,449
Pensions and other post-employment defined benefit obligations 3,027 3,544
Other long term employee benefits 600 18
Provisions for taxes and other legal contingencies 401 439
Commitments and guarantees given 310 270
Other provisions 150 177
TAX LIABILITIES 999 1,071
Current tax liabilities 187 173
Deferred tax liabilities 812 898
OTHER LIABILITIES 1,885 1,543
LIABILITIES INCLUDED IN DISPOSAL GROUPS CLASSIFIED AS HELD FOR SALE — —
TOTAL LIABILITIES 411,443 410,164
  • (*) Presented for comparison purposes only.

Download table

LIABILITIES AND EQUITY (Continued) (Millions of euros)

2021 2020 (*)
STOCKHOLDERS’ FUNDS 32,296 33,992
Capital 3,267 3,267
Paid up capital 3,267 3,267
Unpaid capital which has been called up — —
Share premium 23,599 23,992
Equity instruments issued other than capital — —
Equity component of compound financial instruments — —
Other equity instruments issued — —
Other equity 49 34
Retained earnings 6,436 8,859
Revaluation reserves — —
Other reserves (1,026) 31
Less: treasury shares (574) (9)
Profit or loss attributable to owners of the parent 1,080 (2,182)
Less: interim dividends (533) —
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (1,461) (1,124)
Items that will not be reclassified to profit or loss (1,177) (1,376)
Actuarial gains (losses) on defined benefit pension plans (52) (61)
Non-current assets and disposal groups classified as held for sale — —
Fair value changes of equity instruments measured at fair value through other comprehensive income (1,127) (1,294)
Hedge ineffectiveness of fair value hedges for equity instruments measured at fair value through other comprehensive income — —
Fair value changes of equity instruments measured at fair value through other comprehensive income (hedged item) — —
Fair value changes of equity instruments measured at fair value through other comprehensive income (hedging instrument) — —
Fair value changes of financial liabilities at fair value through profit or loss attributable to changes in their credit risk 2 (21)
Items that may be reclassified to profit or loss (284) 252
Hedge of net investments in foreign operations (effective portion) — —
Foreign currency translation — —
Hedging derivatives. Cash flow hedges (effective portion) (626) (100)
Fair value changes of debt instruments measured at fair value through other comprehensive income 342 352
Hedging instruments (non-designated items) — —
Non-current assets and disposal groups classified as held for sale — —
TOTAL EQUITY 30,836 32,867
TOTAL EQUITY AND TOTAL LIABILITIES 442,279 443,032

Download table

MEMORANDUM ITEM - OFF BALANCE SHEET EXPOSURES (Millions of Euros)

2021 2020 (*)
Loan commitments given 89,353 80,959
Financial guarantees given 11,662 8,745
Other commitments given 24,181 25,711
  • (*) Presented for comparison purposes only

Download table

INCOME STATEMENTS (Millions of Euros)

2021 2020 (*)
Interest income 4,289 4,629
Financial assets at fair value through other comprehensive income 235 253
Financial assets at amortized cost 3,426 3,839
Other interest income 628 536
Interest expense (861) (1,115)
NET INTEREST INCOME 3,428 3,514
Dividend income 1,808 1,360
Fee and commission income 2,515 2,125
Fee and commission expense (463) (358)
Gains (losses) on derecognition of financial assets and liabilities not measured at fair value through profit or loss, net 84 87
Financial assets at amortized cost 23 100
Other financial assets and liabilities 61 (13)
Gains or (losses) on financial assets and liabilities held for trading, net 295 353
Reclassification of financial assets from fair value through other comprehensive income — —
Reclassification of financial assets from amortized cost — —
Other profit or loss 295 353
Gains (losses) on non-trading financial assets mandatorily at fair value through profit or loss, net 114 28
Reclassification of financial assets from fair value through other comprehensive income — —
Reclassification of financial assets from amortized cost — —
Other profit or loss 114 28
Gains (losses) on financial assets and liabilities designated at fair value through profit or loss, net 45 (69)
Gains (losses) from hedge accounting, net (36) 13
Exchange differences, net 56 (29)
Other operating income 170 142
Other operating expense (546) (529)
GROSS INCOME 7,470 6,637
Administrative expense (3,693) (3,553)
Personnel expense (2,237) (2,144)
Other administrative expense (1,456) (1,409)
Depreciation and amortization (639) (663)
Provisions or reversal of provisions (950) (475)
Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification (475) (1,232)
Financial assets measured at amortized cost (482) (1,228)
Financial assets at fair value through other comprehensive income 7 (4)
NET OPERATING INCOME 1,714 715
Impairment or reversal of impairment of investments in subsidiaries, joint ventures and associates (911) (319)
Impairment or reversal of impairment on non-financial assets (167) (105)
Tangible assets (164) (105)
Intangible assets (4) —
Other assets 1 —
Gains (losses) on derecognition of non - financial assets and subsidiaries, net 3 1
Negative goodwill recognized in profit or loss — —
Gains (losses) from non-current assets and disposal groups classified as held for sale not qualifying as discontinued operations 107 (43)
PROFIT (LOSS) BEFORE TAX FROM CONTINUING OPERATIONS 746 249
Tax expense or income related to profit or loss from continuing operations 58 (36)
PROFIT (LOSS) AFTER TAX FROM CONTINUING OPERATIONS 803 213
Profit (loss) after tax from discontinued operations 277 (2,396)
PROFIT (LOSS) FOR THE YEAR 1,080 (2,182)
  • (*) Presented for comparison purposes only.

Download table

STATEMENTS OF RECOGNIZED INCOME AND EXPENSE (Millions of Euros)

2021 2020 (*)
PROFIT RECOGNIZED IN INCOME STATEMENT 1,080 (2,182)
OTHER RECOGNIZED INCOME (EXPENSE) (349) (643)
ITEMS NOT SUBJECT TO RECLASSIFICATION TO INCOME STATEMENT 186 (756)
Actuarial gains (losses) from defined benefit pension plans (4) 14
Non-current assets and disposal groups classified as held for sale — —
Fair value changes of equity instruments measured at fair value through other comprehensive income 167 (786)
Gains (losses) from hedge accounting of equity instruments at fair value through other comprehensive income, net — —
Fair value changes of financial liabilities at fair value through profit or loss attributable to changes in their credit risk 33 4
Income tax related to items not subject to reclassification to income statement (10) 12
ITEMS SUBJECT TO RECLASSIFICATION TO INCOME STATEMENT (535) 113
Hedge of net investments in foreign operations [effective portion] — —
Valuation gains (losses) taken to equity — —
Transferred to profit or loss — —
Other reclassifications — —
Cash flow hedges [effective portion] (705) 92
Valuation gains (losses) taken to equity (705) 92
Transferred to profit or loss — —
Transferred to initial carrying amount of hedged items — —
Other reclassifications — —
Hedging instruments (non-designated elements) — —
Debt securities at fair value through other comprehensive income (14) 24
Valuation gains (losses) taken to equity 49 86
Transferred to profit or loss (63) (61)
Other reclassifications — —
Non-current assets and disposal groups held for sale — —
Income tax relating to items subject to reclassification to income statements 184 (3)
TOTAL RECOGNIZED INCOME/EXPENSE 731 (2,825)
  • (*) Presented for comparison purposes only.

Download table

Statement of changes in equity for the year ended December 31, 2021 of BBVA, S.A.

STATEMENT OF CHANGES IN EQUITY (Millions of Euros)

2021 Capital Share
Premium		 Equity
instruments
issued
other than
capital		 Other
Equity		 Retained
earnings		 Revaluation
reserves		 Other
reserves		 (-)
Treasury
shares 		Profit or
loss
attributable
to owners
of the
parent		 Interim
dividends		 Accumulated
other
comprehensive
income		 Total
Balances as of January 1, 2021 3,267 23,992 — 34 8,859 — 31 (9) (2,182) — (1,124) 32,867
Total income/expense recognized — — — — — — — — 1,080 — (349) 731
Other changes in equity — (393) — 15 (2,423) — (1,058) (565) 2,182 (533) 13 (2,763)
Issuances of common shares — — — — — — — — — — — —
Issuances of preferred shares — — — — — — — — — — — —
Issuance of other equity instruments — — — — — — — — — — — —
Period or maturity of other issued equity instruments — — — — — — — — — — — —
Conversion of debt on equity — — — — — — — — — — — —
Common Stock reduction — — — — — — — — — — — —
Dividend distribution — (393) — — — — — — — (533) — (927)
Purchase of treasury shares — — — — — — — (925) — — — (925)
Sale or cancellation of treasury shares — — — — — — (4) 360 — — — 356
Reclassification of financial liabilities to other equity instruments — — — — — — — — — — — —
Reclassification of other equity instruments to financial liabilities — — — — — — — — — — — —
Transfers between total equity entries — — — (2) (2,064) — (129) — 2,182 — 13 —
Increase/Reduction of equity due to business combinations — — — — — — — — — — — —
Share based payments — — — — — — — — — — — —
Other increases or (-) decreases in equity — — — 17 (359) — (925) — — — — (1,267)
Balances as of December 31, 2021 3,267 23,599 — 49 6,436 — (1,026) (574) 1,080 (533) (1,461) 30,836

Download table

Statement of changes in equity for the year ended December 31, 2020 of BBVA, S.A.

STATEMENT OF CHANGES IN EQUITY (Millions of Euros)

2020 (*) Capital Share Premium Equity instruments issued other than capital Other Equity Retained earnings Revaluation reserves Other reserves (-) Treasury shares Profit or loss attributable to owners of the parent Interim dividends Accumulated other comprehensive income Total
Balances as of January 1, 2020 3,267 23,992 — 48 9,107 — 1 — 2,241 (1,086) (381) 37,189
Total income/expense recognized — — — — — — — — (2,182) — (643) (2,825)
Other changes in equity — — — (14) (248) — 30 (9) (2,241) 1,086 (101) (1,497)
Issuances of common shares — — — — — — — — — — — —
Issuances of preferred shares — — — — — — — — — — — —
Issuance of other equity instruments — — — — — — — — — — — —
Settlement or maturity of other equity instruments issued — — — — — — — — — — — —
Conversion of debt on equity — — — — — — — — — — — —
Common Stock reduction — — — — — — — — — — — —
Dividend distribution — — — — (1,067) — — — — — — (1,067)
Purchase of treasury shares — — — — — — — (688) — — — (688)
Sale or cancellation of treasury shares — — — — — — (5) 679 — — — 674
Reclassification of other equity instruments to financial liabilities — — — — — — — — — — — —
Reclassification of financial liabilities to other equity instruments — — — — — — — — — — — —
Transfers within total equity — — — (2) 1,206 — 51 — (2,241) 1,086 (100) —
Increase/Reduction of equity due to business combinations — — — — — — — — — — — —
Share based payments — — — — — — — — — — — —
Other increases or (-) decreases in equity — — — (12) (387) — (16) — — — — (415)
Balances as of December 31, 2020 3,267 23,992 — 34 8,859 — 31 (9) (2,182) — (1,124) 32,867
  • (*) Presented for comparison purposes only.

Download table

CASH FLOWS STATEMENTS (Millions of Euros)

2021 2020 (*)
A) CASH FLOWS FROM OPERATING ACTIVITIES (1+2+3+4+5) (12,004) 25,890
1.Profit (loss) for the year 1,080 (2,182)
2.Adjustments to obtain the cash flow from operating activities: 1,313 3,320
Depreciation and amortization 639 663
Other adjustments 674 2,657
3.Net increase/decrease in operating assets (15,123) (16,070)
Financial assets held for trading (20,093) (3,723)
Non-trading financial assets mandatorily at fair value through profit or loss (26) 447
Other financial assets designated at fair value through profit or loss — —
Financial assets at fair value through other comprehensive income 9,323 (12,623)
Financial assets at amortized cost (5,494) (683)
Other operating assets 1,167 512
4.Net increase/decrease in operating liabilities 928 40,224
Financial liabilities held for trading 10,724 (3,961)
Other financial liabilities designated at fair value through profit or loss (1,029) 298
Financial liabilities at amortized cost (9,209) 45,202
Other operating liabilities 443 (1,314)
5.Collection/Payments for income tax (202) 598
B) CASH FLOWS FROM INVESTING ACTIVITIES (1+2) 10,049 (125)
1.Investment (502) (430)
Tangible assets (56) (96)
Intangible assets (319) (251)
Investments in subsidiaries, joint ventures and associates (116) (84)
Other business units — —
Non-current assets and disposal groups classified as held for sale and associated liabilities (12) —
Other settlements related to investing activities — —
2.Divestments 10,551 306
Tangible assets 21 29
Intangible assets — —
Investments in subsidiaries, joint ventures and associates 77 70
Other business units — —
Non-current assets and disposal groups classified as held for sale and associated liabilities 10,453 206
Other collections related to investing activities — —
C) CASH FLOWS FROM FINANCING ACTIVITIES (1 + 2) (3,028) (662)
1. Payments (3,540) (3,686)
Dividends (shareholders remuneration) (927) (1,067)
Subordinated liabilities (1,684) (1,937)
Treasury stock amortization — —
Treasury stock acquisition (929) (682)
Other items relating to financing activities — —
2. Collections 512 3,024
Subordinated liabilities — 2,334
Common stock increase — —
Treasury stock disposal 356 674
Other items relating to financing activities 156 17
D) EFFECT OF EXCHANGE RATE CHANGES (303) 584
E) NET INCREASE/DECREASE IN CASH OR CASH EQUIVALENTS (A+B+C+D) (5,286) 25,688
F) CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR 44,107 18,419
G) CASH AND CASH EQUIVALENTS AT END OF THE YEAR (E+F) 38,821 44,107

Download table

COMPONENTS OF CASH AND EQUIVALENTS AT END OF THE YEAR (Millions of Euros)

2021 2020 (*)
Cash 830 972
Balance of cash equivalent in central banks 36,566 40,485
Other financial assets 1,424 2,650
Less: Bank overdraft refundable on demand — —
TOTAL CASH AND CASH EQUIVALENTS AT END OF THE YEAR 38,821 44,107
  • (*) Presented for comparison purposes only.

Download table

This Appendix is an integral part of Notes 2.1 of the consolidated financial statements for the year ended December 31, 2021.

APPENDIX X. Information on data derived from the special accounting registry and other information bonds

The Bank has implemented policies and procedures for its activities in the mortgage market and in the financing of exportation of goods and services or the process of internationalization of companies, which allow ensuring compliance with the applicable regulations of the mortgage market and for the issuance of bonds.

a) Mortgage market policies and procedures

Information required pursuant to Circular 5/2011 of the Bank of Spain is indicated as follows.

The mortgage origination policy is based on principles focused on assessing the adequate ratio between the amount of the loan, and the payments, and the income of the applicant. Applicants must in all cases prove sufficient repayment ability (present and future) to meet their repayment obligations, for both the mortgage debt and for other debts detected in the financial system. Therefore, the applicant’s repayment ability is a key aspect within the credit decision-making tools and retail risk acceptance manuals, and has a high weighting in the final decision.

During the mortgage risk transaction analysis process, documentation supporting the applicant’s income (payroll, etc.) is required, and the applicant’s position in the financial system is checked through automated database queries (internal and external). This information is used for calculation purposes in order to determine the level of indebtedness/compliance with the remainder of the system. This documentation is kept in the transaction’s file.

In addition, the mortgage origination policy assesses the adequate ratio between the amount of the loan and the appraisal value of the mortgaged asset. The policy also establishes that the property to be mortgaged be appraised by an independent appraisal company as established by Circular 4/2017. BBVA selects those companies whose reputation, standing in the market and independence ensure that their appraisals adapt to the market reality in each region. Each appraisal is reviewed and checked before the loan is granted and, in those cases where the loan is finally granted, it is kept in the transaction’s file.

As for issues related to the mortgage market, the Finance area annually defines the strategy for wholesale finance issues, and more specifically mortgage bond issues, such as mortgage covered bonds or mortgage securitization. The Assets and Liabilities Committee tracks the budget monthly. The volume and type of assets in these transactions is determined in accordance with the wholesale finance plan, the trend of the Bank’s “Loans and advances” outstanding balances and the conditions in the market.

The Board of Directors of the Bank authorizes each of the issues of Mortgage Transfer Certificates and/or Mortgage Participations issued by BBVA to securitize the credit rights derived from loans and mortgage loans. Likewise, the Board of Directors authorizes the establishment of a Base Prospectus for the issuance of fixed-income securities through which the mortgage-covered bonds are implemented.

As established on the applicable regulation, the Bank has set up a series of controls for mortgage covered bonds, which regularly control the total volume of issued mortgage covered bonds issued and the collateral which serves as guarantee and the eligible collateral, to avoid exceeding any limit which is applicable in accordance with the applicable regulations at any time. In the case of securitizations, the preliminary portfolio of loans and mortgage loans to be securitized is checked according to an agreed procedures engagement, by the Bank’s external auditor as required by the Spanish Securities and Exchange Commission. There is also a series of filters through which some mortgage loans and credits are excluded in accordance with legal, commercial and risk concentration criteria.

b) Quantitative information on activities in the mortgage market

The quantitative information on activities in the mortgage market required by Bank of Spain Circular 5/2011 as of December 31, 2021 and 2020 is shown below.

b.1) Ongoing operations

Mortgage loans. Eligibility for the purpose of the mortgage market (Millions of Euros)

2021 2020
Nominal value of outstanding loans and mortgage loans (A) 86,112 88,753
Minus: Nominal value of all outstanding loans and mortgage loans that form part of the portfolio, but have been mobilized through mortgage bond holdings or mortgage transfer certificates. (B) (27,106) (27,549)
Nominal value of outstanding loans and mortgage loans, excluding securitized loans (A)-(B) 59,006 61,204
Of which: Loans and mortgage loans which would be eligible if the calculation limits set forth in Article 12 of Spanish Royal Decree 716/2009 were not applied. (C) 45,006 44,854
Of which: Minus: Loans and mortgage loans which would be eligible but, according to the criteria set forth in Article 12 of Spanish Royal Decree 716/2009, cannot be used to collateralize any issuance of mortgage bonds. (D) (1,043) (1,169)
Eligible loans and mortgage loans that, according to the criteria set forth in Article 12 of Spanish Royal Decree 716/2009, can be used as collateral for the issuance of mortgage bonds (C)-(D) 43,963 43,685
Issuance limit: 80% of eligible loans and mortgage loans that can be used as collateral (E ) 35,170 34,948
Issued Mortgage-covered bonds (F) 31,899 32,069
Outstanding Mortgage-covered bonds 9,399 12,559
Capacity to issue mortgage-covered bonds (E)-(F) 3,271 2,879
Memorandum items:
Percentage of overcollateralization across the portfolio 185 % 191 %
Percentage of overcollateralization across the eligible used portfolio 138 % 136 %
Nominal value of available sums (committed and unused) from all loans and mortgage loans. 5,765 5,549
Of which: Potentially eligible 4,972 4,885
Of which: Ineligible 793 664
Nominal value of all loans and mortgage loans that are not eligible, as they do not meet the thresholds set in Article 5.1 of Spanish Royal Decree 716/2009, but do meet the rest of the eligibility requirements indicated in Article 4 of the Royal Decree. 7,623 9,006
Nominal value of the replacement assets subject to the issue of mortgage-covered bonds. — —

Download table

Mortgage loans. Eligibility for the purpose of the mortgage market (Millions of Euros)

2021 2020
Total loans (1) 86,112 88,753
Issued mortgage participations (2) 3,703 4,114
Of which: recognized on the balance sheet 2,632 2,928
Issued mortgage transfer certificates (3) 23,403 23,435
Of which: recognized on the balance sheet 21,530 21,098
Mortgage loans as collateral of mortgages bonds (4) - -
Loans supporting the issuance of mortgage-covered bonds 1-2-3-4 59,006 61,204
Non eligible loans 14,000 16,350
Comply requirements to be eligible except the limit provided for under the article 5.1 of the Spanish Royal Decree 716/2009 7,623 9,006
Other 6,377 7,344
Eligible loans 45,006 44,854
That cannot be used as collateral for issuances 1,043 1,169
That can be used as collateral for issuances 43,963 43,685
Loans used to collateralize mortgage bonds — —
Loans used to collateralize mortgage-covered bonds 43,963 43,685

Download table

Mortgage loans. Classification of the nominal values according to different characteristics (Millions of Euros)

2021 2020
Total mortgage
loans		 Eligible
Loans(*)		 Eligibles that
can be used as
collateral for
issuances (**)		 Total mortgage
loans		 Eligible
Loans(*)		 Eligibles that can
be used as
collateral for
issuances (**)
Total 59,006 45,006 43,963 61,204 44,854 43,685
By source of the operations
Originated by the bank 54,830 41,426 40,413 56,593 40,975 39,846
Subrogated by other institutions 687 549 545 763 589 584
Rest 3,489 3,031 3,005 3,848 3,290 3,255
By Currency
In Euros 58,873 44,908 43,865 61,033 44,742 43,573
In foreign currency 133 98 98 171 112 112
By payment situation
Normal payment 53,002 42,477 41,789 54,197 42,245 41,388
Other situations 6,004 2,529 2,174 7,007 2,609 2,297
By residual maturity
Up to 10 years 11,948 9,776 9,505 13,031 10,037 9,759
10 to 20 years 24,634 21,332 20,653 25,898 22,116 21,359
20 to 30 years 19,513 13,139 13,064 18,713 11,718 11,613
Over 30 years 2,911 759 741 3,562 983 954
By Interest rate
Fixed rate 16,657 12,529 12,462 13,412 9,318 9,260
Floating rate 42,349 32,477 31,501 47,792 35,536 34,425
Mixed rate — — —
By target of operations
For business activity 9,494 6,316 5,482 10,699 6,598 5,681
Of which: RE development 2,116 1,415 695 2,215 1,555 757
Household and NPISHs 49,512 38,690 38,481 50,505 38,256 38,004
By type of guarantee
Secured by completed assets/buildings 57,390 44,052 43,275 59,190 43,696 42,868
Residential use 50,941 39,806 39,182 52,145 39,454 38,781
Of which: public housing 3,418 2,851 2,728 3,791 3,078 2,942
Commercial 6,407 4,236 4,083 7,015 4,233 4,078
Other 42 10 10 30 9 9
Secured by assets/buildings under construction 1,132 779 556 1,303 942 660
Residential use 836 619 400 1,004 734 453
Of which: public housing 1 — — 1 — —
Commercial 296 160 156 299 208 207
Other — — —
Secured by land 484 175 132 711 216 157
Urban 178 73 33 275 88 34
Non-urban 306 102 99 436 128 123
  • (*) Not taking into account the thresholds established by article 12 of Spanish Royal Decree 716/2009.
  • (**) Taking into account the thresholds established by article 12 of Spanish Royal Decree 716/2009.

Download table

December 2021. Nominal value of the total mortgage loans (Millions of Euros)

Loan to Value (Last available appraisal risk)
Less than or
equal to 40%		 Over 40% but less
than or equal to 60%		 Over 60% but less
than or equal to 80%		 Over 80% Total
December 2021
Home mortgages 13,612 13,935 13,004 — 40,551
Other mortgages 2,264 2,191 4,455
Total 15,876 16,126 13,004 — 45,006

Download table

December 2020. Nominal value of the total mortgage loans (Millions of euros)

Loan to Value (Last available appraisal risk)
Less than or
equal to 40%		 Over 40% but less
than or equal to 60%		 Over 60% but less
than or equal to 80%		 Over 80% Total
December 2020
Home mortgages 13,665 14,339 12,211 — 40,215
Other mortgages 2,351 2,288 4,639
Total 16,016 16,627 12,211 — 44,854

Download table

Eligible and non eligible mortgage loans. Changes of the nominal values in the period (Millions of Euros)

2021 2020
Eligible (*) Non eligible Eligible (*) Non eligible
Balance at the beginning 44,854 16,350 44,759 17,825
Retirements 6,829 6,033 6,429 4,535
Held-to-maturity cancellations 4,008 1,013 3,918 736
Anticipated cancellations 2,283 971 1,913 930
Subrogations to other institutions 56 20 48 19
Rest 482 4,029 550 2,850
Additions 6,981 3,684 6,524 3,060
Originated by the bank 5,275 3,138 3,740 2,396
Subrogations to other institutions 25 10 3 1
Rest 1,682 535 2,781 664
Balance at the end 45,006 14,000 44,854 16,350
  • (*) Not taking into account the thresholds established by Article 12 of Spanish Royal Decree 716/2009.

Download table

Mortgage loans supporting the issuance of mortgage-covered bonds. Nominal value (Millions of Euros)

2021 2020
Potentially eligible 4,972 4,885
Ineligible 793 664
Total 5,765 5,549

Download table

b.2) Liabilities operations

Issued mortgage bonds (Millions of Euros)

2021 2020
Nominal value Average
residual
maturity		 Nominal value Average
residual
maturity
Mortgage bonds -- -
Mortgage-covered bonds 31,899 32,069
Of which: non recognized as liabilities on balance 22,500 19,510
Of Which: outstanding 9,399 12,559
Debt securities issued through public offer 7,700 10,450
Residual maturity up to 1 year 1,250 2,750
Residual maturity over 1 year and less than 2 years 2,250 1,250
Residual maturity over 2 years and less than 3 years 1,000 2,250
Residual maturity over 3 years and less than 5 years 3,000 3,000
Residual maturity over 5 years and less than 10 years — 1,000
Residual maturity over 10 years 200 200
Debt securities issued without public offer 22,610 19,605
Residual maturity up to 1 year 2,000 1,500
Residual maturity over 1 year and less than 2 years 9,000 2,000
Residual maturity over 2 years and less than 3 years — 9,000
Residual maturity over 3 years and less than 5 years 8,500 4,000
Residual maturity over 5 years and less than 10 years 3,110 3,105
Residual maturity over 10 years — —
Deposits 1,589 2,014
Residual maturity up to 1 year 368 425
Residual maturity over 1 year and less than 2 years 100 368
Residual maturity over 2 years and less than 3 years — 100
Residual maturity over 3 years and less than 5 years 371 371
Residual maturity over 5 years and less than 10 years 750 100
Residual maturity over 10 years — 650
Mortgage participations 2,632 251 2,928 257
Issued through public offer 2,632 251 2,928 257
Issued without public offer — — — —
Mortgage transfer certificates 21,530 251 21,098 257
Issued through public offer 21,530 251 21,098 257
Issued without public offer — — — —

Download table

Given the characteristics of the type of covered bonds issued by the Bank, there is no substituting collateral related to these issues.

The Bank does not hold any derivative financial instruments relating to mortgage bond issues, as defined in the aforementioned Royal Decree.

c) Quantitative information on internationalization covered bonds

Below is the quantitative information of BBVA, S.A. internationalization covered bonds required by Bank of Spain Circular 4/2017 as of December 31, 2021 and 2020:

c.1) Assets operations

Principal outstanding payment of loans (Millions of Euros)

Nominal value 2021 Nominal value 2020
Eligible loans according to article 34.6 and 7 of the Law 14/2013 3,539 3,284
Minos: Loans that support the issuance of internationalization bonds — —
Minos: NPL to be deducted in the calculation of the issuance limit, according to Article 13 del Royal Decree 579/2014 15 8
Total Loans included in the base of all issuance limit 3,524 3,276

Download table

c.2) Liabilities operations

Internationalization covered bonds (Millions of Euros)

Nominal value 2021 Nominal value 2020
(1) Debt securities issued through public offer (a) 1,500 1,500
Of which: Treasury shares 1,500 1,500
Residual maturity up to 1 year 1,500 —
Residual maturity over 1 year and less than 2 years — 1,500
Residual maturity over 2 years and less than 3 years — —
Residual maturity over 3 years and less than 5 years — —
Residual maturity over 5 years and less than 10 years — —
Residual maturity over 10 years — —
(2) Debt securities issued without public offer (a) — —
Of which: Treasury shares — —
Residual maturity up to 1 year — —
Residual maturity over 1 year and less than 2 years — —
Residual maturity over 2 years and less than 3 years — —
Residual maturity over 3 years and less than 5 years — —
Residual maturity over 5 years and less than 10 years — —
Residual maturity over 10 years — —
(3) Deposits (b) — —
Residual maturity up to 1 year — —
Residual maturity over 1 year and less than 2 years — —
Residual maturity over 2 years and less than 3 years — —
Residual maturity over 3 years and less than 5 years — —
Residual maturity over 5 years and less than 10 years — —
Residual maturity over 10 years — —
TOTAL: (1) + (2) + (3) 1,500 1,500
Percentage Percentage
Coverage ratio of internationalization covered bonds on loans (c) 43% 46%
  • (a) Balance that includes all internationalization covered bonds issued by the entity pending amortization, although they are not recognized in the liability (because they have not been placed to third parties or have been repurchased).
  • (b) Nominative bonds.
  • (c) Percentage that results from the value of the quotient between the nominal value of the issued and non-overdue bonds, even if they are not recognized in the liability, and the nominal value balance pending collection of the loans that serve as guarantee.

Download table

Given the characteristics of the Bank's internationalization covered bonds, there are no substitute assets assigned to these issuances.

d) Territorial bonds

d.1) Assets operations

December 2021. Loans that serves as collateral for the territorial bonds

Nominal Value(a)
Total Spanish Residents Residents in other countries of
the European Economic Area
Central governments 1,435 1,422 13
Regional governments 7,756 7,729 27
Local governments 3,598 3,598 —
Total loans 12,789 12,749 40
  • (a) Principal pending payment of loans.

Download table

December 2020. Loans that serves as collateral for the territorial bonds

Nominal Value(a)
Total Spanish Residents Residents in other countries of
the European Economic Area
Central governments 1,505 1,396 109
Regional governments 7,633 7,605 28
Local governments 3,665 3,665 —
Total loans 12,803 12,666 137
  • (a) Principal pending payment of loans.

Download table

d.2) Liabilities operations

Territorial bonds

Nominal value 2021 Nominal value 2020
Territorial bonds issued (a) 6,540 6,540
Issued through a public offering 6,540 6,540
Of which: Treasury stock 6,040 6,040
Residual maturity up to 1 year 840 2,000
Residual maturity over 1 year and less than 2 years 200 840
Residual maturity over 2 years and less than 3 years 500 200
Residual maturity over 3 years and less than 5 years 5,000 3,500
Residual maturity over 5 years and less than 10 years — —
Residual maturity over 10 years — —
Other issuances — —
Of which: Treasury stock — —
Residual maturity over 1 year and less than 2 years — —
Residual maturity over 2 years and less than 3 years — —
Residual maturity over 3 years and less than 5 years — —
Residual maturity over 5 years and less than 10 years — —
Residual maturity over 10 years — —
Percentage Percentage
Coverage ratio of the territorial bonds on loans (b) 51% 51%
  • (a) Includes the nominal value of all loans that serve as collateral for the territorial bonds, regardless of the item in which they are included in the balance sheet. Principal pending payment of loans. The territorial bonds include all the instruments issued by the entity pending amortization, although they are not recognized in the liability (because they have not been placed to third parties or have been repurchased).
  • (b) Percentage that results from the value of the quotient between the nominal value of the issued and non-overdue bonds, even if they are not recognized in the liability, and the nominal value balance pending collection of the loans that serve as guarantee.

Download table

This Appendix is an integral part of Notes 14.3 and 22.4 of the consolidated financial statements for the year ended December 31, 2021.

APPENDIX XI. Quantitative information on refinancing and restructuring operations and other requirement under Bank of Spain Circular 6/2012

a) Quantitative information on refinancing and restructuring operations

The breakdown of refinancing and restructuring operations as of December 31, 2021, 2020 and 2019 is as follows:

DECEMBER 2021 BALANCE OF FORBEARANCE
(Millions of Euros)
TOTAL
Unsecured loans Secured loans Accumulated impairment or accumulated losses in fair value due to credit risk
Maximum amount of secured loans that can be considered
Number of operations Gross carrying amount Number of operations Gross carrying amount Real estate mortgage secured Rest of secured loans
Credit institutions — — — — — — —
General Governments 59 63 32 22 15 — (11)
Other financial corporations and individual entrepreneurs (financial business) 377 30 25 2 2 — (6)
Non-financial corporations and individual entrepreneurs (corporate non-financial activities) 99,852 6,590 11,417 3,552 2,108 45 (3,196)
Of which: financing the construction and property (including land) 739 155 1,785 486 322 — (513)
Other households (*) 275,927 1,813 96,312 5,877 4,473 25 (1,622)
Total 376,215 8,496 107,786 9,453 6,599 70 (4,834)
Download table
Of which: IMPAIRED
Unsecured loans Secured loans
Maximum amount of secured loans that can be considered Accumulated impairment or accumulated losses in fair value due to credit risk
Number of operations Gross carrying amount Number of operations Gross carrying amount Real estate mortgage secured Rest of secured loans
Credit institutions — — — — — — —
General Governments 29 29 23 10 6 — (10)
Other financial corporations and individual entrepreneurs (financial business) 255 11 17 1 1 — (5)
Non-financial corporations and individual entrepreneurs (corporate non-financial activities) 74,054 3,701 7,423 1,799 855 10 (2,639)
Of which: financing the construction and property (including land) 592 148 1,229 320 179 — (464)
Other households (*) 143,791 948 39,962 2,701 1,799 3 (1,377)
Total 218,129 4,689 47,425 4,512 2,661 13 (4,031)
  • (*) Number of operations does not include Garanti BBVA.
  • Includes mortgage-backed real estate operations with loan to value ratio of greater than 1, and secured operations, other than transactions secured by real estate mortgage regardless of their loan to value ratio.
Download table
DECEMBER 2020 BALANCE OF FORBEARANCE
(Millions of Euros)
TOTAL
Unsecured loans Secured loans Accumulated impairment or accumulated losses in fair value due to credit risk
Maximum amount of secured loans that can be considered
Number of operations Gross carrying amount Number of operations Gross carrying amount Real estate mortgage secured Rest of secured loans
Credit institutions — — — — — — —
General Governments 67 77 69 62 45 — (15)
Other financial corporations and individual entrepreneurs (financial business) 519 10 22 2 2 — (4)
Non-financial corporations and individual entrepreneurs (corporate non-financial activities) 111,648 5,592 11,343 3,182 1,911 33 (3,128)
Of which: financing the construction and property (including land) 624 500 1,081 622 370 8 (420)
Other households (*) 261,097 1,782 86,643 5,992 4,379 27 (1,712)
Total 373,331 7,460 98,077 9,239 6,337 60 (4,859)
Download table
Of which: IMPAIRED
Unsecured loans Secured loans
Maximum amount of secured loans that can be considered Accumulated impairment or accumulated losses in fair value due to credit risk
Number of operations Gross carrying amount Number of operations Gross carrying amount Real estate mortgage secured Rest of secured loans
Credit institutions — — — — — — —
General Governments 39 36 29 20 14 — (12)
Other financial corporations and individual entrepreneurs (financial business) 283 5 11 1 1 — (3)
Non-financial corporations and individual entrepreneurs (corporate non-financial activities) 67,588 3,470 6,880 1,939 916 21 (2,727)
Of which: financing the construction and property (including land) 469 216 674 408 197 8 (311)
Other households (*) 113,013 765 37,063 2,805 1,820 8 (1,358)
Total 180,923 4,274 43,983 4,765 2,750 30 (4,100)
  • (*) Number of operations does not include Garanti BBVA.
  • Includes mortgage-backed real estate operations with loan to value ratio of greater than 1, and secured operations, other than transactions secured by real estate mortgage regardless of their loan to value ratio.
Download table
DECEMBER 2019 BALANCE OF FORBEARANCE
(Millions of Euros)
TOTAL
Unsecured loans Secured loans Accumulated impairment or accumulated losses in fair value due to credit risk
Maximum amount of secured loans that can be considered
Number of operations Gross carrying amount Number of operations Gross carrying amount Real estate mortgage secured Rest of secured loans
Credit institutions — — — — — — —
General Governments 73 93 64 64 49 — (11)
Other financial corporations and individual entrepreneurs (financial business) 387 8 62 4 3 — (6)
Non-financial corporations and individual entrepreneurs (corporate non-financial activities) 68,121 5,085 18,283 3,646 1,810 178 (3,252)
Of which: financing the construction and property (including land) 1,131 400 1,314 688 393 32 (428)
Other households (*) 173,403 1,510 67,513 5,827 4,414 33 (1,519)
Total 241,984 6,696 85,922 9,541 6,276 211 (4,788)
Download table
Of which: IMPAIRED
Unsecured loans Secured loans Accumulated impairment or accumulated losses in fair value due to credit risk
Maximum amount of secured loans that can be considered
Number of operations Gross carrying amount Number of operations Gross carrying amount Real estate mortgage secured Rest of secured loans
Credit institutions — — — — — — —
General Governments 45 41 30 21 16 — (7)
Other financial corporations and individual entrepreneurs (financial business) 241 6 30 2 1 — (6)
Non-financial corporations and individual entrepreneurs (corporate non-financial activities) 39 3,148 12 2,466 1,020 50 (2,923)
Of which: financing the construction and property (including land) 819 321 790 445 210 4 (392)
Other households (*) 96,429 758 34,463 2,908 2,096 17 (1,229)
Total 136,095 3,954 46,229 5,396 3,044 67 (4,164)
  • (*) Number of operations does not include Garanti BBVA.
  • Includes mortgage-backed real estate operations with loan to value ratio of greater than 1, and secured operations, other than transactions secured by real estate mortgage regardless of their loan to value ratio.
Download table

In addition to the restructuring and refinancing transactions mentioned in this section, loans that were not considered impaired or renegotiated have been modified based on the criteria set out in the accounting regulation that applies. These loans have not been classified as renegotiated or impaired, since they were modified for commercial or competitive reasons (for instance, to improve relationships with clients) rather than for economic or legal reasons relating to the borrower's financial situation.

The table below provides a breakdown by segments of the forbearance operations (net of provisions) as of December 31, 2021, 2020 and 2019:

Forbearance operations. Breakdown by segments (Millions of Euros)

December 2021 December 2020 December 2019
Credit institutions — — —
Central governments 74 124 147
Other financial corporations and individual entrepreneurs (financial activity) 26 8 6
Non-financial corporations and individual entrepreneurs (non-financial activity) 6,946 5,645 5,479
Of which: Financing the construction and property development (including land) 128 701 660
Households 6,068 6,062 5,818
Total carrying amount 13,114 11,840 11,450
Financing classified as non-current assets and disposal groups held for sale — 858 42

Download table

NPL ratio by type of renegotiated loan

The non-performing ratio of the renegotiated portfolio is defined as the impaired balance of renegotiated loans that shows signs of difficulties as of the closing of the reporting period, divided by the total payment outstanding in that portfolio.

As of December 31, 2021 and December 31, 2020, the non-performing ratio for each of the portfolios of renegotiated loans is as follows:

NPL ratio renegotiated loan portfolio

Ratio of impaired loans - past due
2021 2020
General governments 45% 40%
Commercial 54% 62%
Of which: Construction and developer 73% 56%
Other consumer 47% 46%

Download table

b) Qualitative information on the concentration of risk by activity and guarantees

Loans and advances to customers by activity (carrying amount)

December 2021 (Millions of Euros)

Loans to customers. Loan to value
Total (*) Mortgage loans Secured loans Less than or equal to 40% Over 40% but less than or equal to 60% Over 60% but less than or equal to 80% Over 80% but less than or equal to 100% Over 100%
General governments 19,928 324 1,907 472 834 129 783 14
Other financial institutions and individual entrepreneurs 20,711 219 14,495 153 575 2,933 10,151 901
Non-financial institutions and individual entrepreneurs 146,988 22,945 3,842 8,074 6,361 4,679 2,407 5,266
Construction and property development 5,091 3,594 79 1,203 1,055 675 278 462
Construction of civil works 6,614 625 259 252 194 96 51 291
Other purposes 135,284 18,726 3,504 6,620 5,112 3,908 2,077 4,513
Large companies 84,147 6,208 2,197 2,327 1,420 1,680 632 2,346
SMEs (**) and individual entrepreneurs 51,137 12,518 1,307 4,292 3,692 2,228 1,445 2,167
Rest of households and NPISHs (***) 141,007 93,384 1,757 19,716 23,528 29,555 15,339 7,003
Housing 95,199 92,030 132 19,120 23,175 29,258 13,982 6,628
Consumption 41,798 416 1,421 245 172 119 1,176 126
Other purposes 4,010 938 203 352 181 178 181 250
TOTAL 328,635 116,872 22,001 28,415 31,298 37,295 28,679 13,185
MEMORANDUM ITEM:
Forbearance operations (****) 13,114 7,513 98 1,611 1,460 1,600 1,176 1,765
  • (*) The amounts included in this table are net of loss allowances.
  • (**) Small and medium enterprises.
  • (***) Non-profit institutions serving households.
  • (****) Net of provisions.

Download table

December 2020 (Millions of Euros)

Loans to customers. Loan to value
Total (*) Mortgage loans Secured loans Less than or equal to 40% Over 40% but less than or equal to 60% Over 60% but less than or equal to 80% Over 80% but less than or equal to 100% Over 100%
General governments 19,718 372 1,451 390 546 135 714 39
Other financial institutions and individual entrepreneurs 17,464 200 9,398 166 1,585 2,610 4,948 289
Non-financial institutions and individual entrepreneurs 143,693 23,686 4,082 8,294 7,162 4,467 3,200 4,646
Construction and property development 4,379 3,244 82 1,048 1,015 678 263 321
Construction of civil works 6,810 641 279 274 194 97 48 306
Other purposes 132,504 19,801 3,721 6,972 5,953 3,691 2,888 4,019
Large companies 79,595 6,648 1,920 2,561 1,811 1,242 1,012 1,943
SMEs (**) and individual entrepreneurs 52,909 13,154 1,801 4,411 4,142 2,449 1,877 2,076
Rest of households and NPISHs (***) 137,870 92,555 1,836 19,606 24,126 27,130 15,463 8,066
Housing 94,098 90.756 131 18,743 23,719 26,817 13,960 7,648
Consumption 39,442 418 1,521 246 190 139 1,245 118
Other purposes 4,331 1,381 184 617 216 174 257 301
TOTAL 318,745 116,813 16,768 28,456 33,419 34,343 24,324 13,039
MEMORANDUM ITEM:
Forbearance operations (****) 11,840 7,271 74 1,350 1,408 1,587 1,165 1,834
  • (*) The amounts included in this table are net of loss allowances.
  • (**) Small and medium enterprises.
  • (***) Non-profit institutions serving households.
  • (****) Net of provisions.

Download table

December 2019 (Millions of Euros)

Loans to customers. Loan to value
Total (*) Mortgage loans Secured loans Less than or equal to 40% Over 40% but less than or equal to 60% Over 60% but less than or equal to 80% Over 80% but less than or equal to 100% Over 100%
General governments 29,257 1,067 10,886 4,914 1,510 1,077 3,651 801
Other financial institutions and individual entrepreneurs 23,114 281 13,699 1,856 219 103 11,687 115
Non-financial institutions and individual entrepreneurs 176,474 26,608 30,313 22,901 10,082 8,478 5,270 10,190
Construction and property development 15,171 4,497 2,114 2,313 1,765 1,476 457 600
Construction of civil works 7,146 756 468 499 248 152 106 219
Other purposes 154,157 21,355 27,731 20,089 8,069 6,850 4,707 9,371
Large companies 104,661 8,665 19,058 12,647 3,620 3,828 2,727 4,901
SMEs (**) and individual entrepreneurs 49,496 12,690 8,673 7,442 4,449 3,022 1,980 4,470
Rest of households and NPISHs (***) 167,117 108,031 5,582 23,057 27,714 32,625 20,529 9,688
Housing 110,178 104,796 2,332 20,831 26,639 31,707 18,701 9,250
Consumption 46,356 507 2,075 450 316 174 1,502 140
Other purposes 10,583 2,728 1,175 1,776 759 744 326 298
TOTAL 395,962 135,987 60,480 52,728 39,525 42,283 41,137 20,794
MEMORANDUM:
Forbearance operations (****) 11,450 7,396 256 1,547 1,427 1,572 1,247 1,859
  • (*) The amounts included in this table are net of loss allowances.
  • (**) Small and medium enterprises
  • (***) Non-profit institutions serving households.
  • (****) Net of provisions

Download table

c) Information on the concentration of risk by activity and geographical areas

December 2021 (Millions of Euros)

TOTAL (*) Spain Rest of European Union America Other
Credit institutions 153,178 46,282 35,157 37,840 33,898
General governments 122,518 53,621 15,822 41,510 11,564
Central Administration 101,719 38,601 15,451 36,397 11,269
Other 20,799 15,020 371 5,113 295
Other financial institutions 44,470 9,988 16,039 11,474 6,969
Non-financial institutions and individual entrepreneurs 211,437 77,227 25,485 64,123 44,602
Construction and property development 8,594 3,029 662 2,050 2,853
Construction of civil works 10,345 5,641 1,210 1,030 2,465
Other purposes 192,498 68,557 23,614 61,044 39,284
Large companies 136,229 42,462 23,133 40,931 29,703
SMEs and individual entrepreneurs 56,269 26,095 481 20,113 9,581
Other households and NPISHs 141,747 89,769 2,715 40,819 8,444
Housing 95,200 73,145 1,645 18,455 1,955
Consumer 41,799 13,431 745 21,399 6,224
Other purposes 4,749 3,193 325 966 265
TOTAL 673,350 276,887 95,218 195,768 105,477
  • (*) The definition of risk for the purpose of this statement includes the following items on the public balance sheet: “Loans and advances to credit institutions”, “Loans and advances”, “Debt securities”, “Equity instruments”, “Other equity securities”, “Derivatives and hedging derivatives”, “Investments in subsidiaries, joint ventures and associates” and “Guarantees given and contingent risks”. The amounts included in this table are net of loss allowances.

Download table

December 2020 (Millions of Euros)

TOTAL (*) Spain Rest of European Union America Other
Credit institutions 140,294 44,287 29,055 39,897 27,055
General governments 125,311 61,944 12,660 37,756 12,951
Central Administration 103,104 46,614 12,324 31,477 12,689
Other 22,207 15,330 336 6,279 262
Other financial institutions 48,236 14,727 11,773 15,640 6,294
Non-financial institutions and individual entrepreneurs 202,708 74,560 23,783 60,245 44,120
Construction and property development 8,182 3,384 202 1,899 2,697
Construction of civil works 10,385 5,275 1,349 1,183 2,578
Other purposes 184,141 65,901 22,232 57,163 38,845
Large companies 125,847 39,272 21,610 37,904 27,061
SMEs and individual entrepreneurs 58,294 26,629 622 19,259 11,784
Other households and NPISHs 138,544 88,633 2,882 36,690 10,339
Housing 94,098 73,383 1,747 16,262 2,706
Consumer 39,442 12,117 719 19,264 7,342
Other purposes 5,004 3,133 416 1,164 291
TOTAL 655,093 284,151 79,955 190,228 100,990
  • (*) The definition of risk for the purpose of this statement includes the following items on the public balance sheet: “Loans and advances to credit institutions”, “Loans and advances”, “Debt securities”, “Equity instruments”, “Other equity securities”, “Derivatives and hedging derivatives”, “Investments in subsidiaries, joint ventures and associates” and “Guarantees given and contingent risks”. The amounts included in this table are net of loss allowances.

Download table

December 2019 (Millions of Euros)

TOTAL (*) Spain Rest of European Union America Other
Credit institutions 106,462 23,050 37,933 31,717 13,762
General governments 134,915 56,464 9,861 57,174 11,416
Central Administration 96,639 39,573 9,505 36,287 11,274
Other 38,276 16,891 356 20,887 142
Other financial institutions 52,281 13,822 19,763 15,736 2,960
Non-financial institutions and individual entrepreneurs 231,964 70,753 25,932 92,178 43,101
Construction and property development 18,915 3,538 361 11,688 3,328
Construction of civil works 10,607 5,403 1,303 1,431 2,470
Other purposes 202,442 61,812 24,268 79,059 37,303
Large companies 147,573 37,393 23,279 61,838 25,063
SMEs and individual entrepreneurs 54,869 24,419 989 17,221 12,240
Other households and NPISHs 167,379 90,829 3,180 62,098 11,272
Housing 110,178 75,754 725 30,557 3,142
Consumer 46,358 11,954 675 25,897 7,832
Other purposes 10,843 3,121 1,780 5,644 298
TOTAL 693,001 254,918 96,669 258,903 82,511
  • (*) The definition of risk for the purpose of this statement includes the following items on the public balance sheet: “Loans and advances to credit institutions”, “Loans and advances”, “Debt securities”, “Equity instruments”, “Other equity securities”, “Derivatives and hedging derivatives”, “Investments in subsidiaries, joint ventures and associates” and “Guarantees given and contingent risks”. The amounts included in this table are net of loss allowances.

Download table

This Appendix is an integral part of Note 7.2.7 of the consolidated financial statements for the year ended December 31, 2021.

APPENDIX XII. Additional information on risk concentration

a) Sovereign risk exposure

The table below provides a breakdown of exposure to financial assets (excluding derivatives and equity instruments), as of December31, 2021, 2020 and 2019: by type of counterparty and the country of residence of such counterparty. The below figures do not takeinto account accumulated other comprehensive income, loss allowances or loan-loss provisions:

Risk exposure by countries (Millions of Euros)

Sovereign risk
2021 2020 2019
Spain 52,927 60,916 55,575
Italy 13,720 10,270 7,810
Turkey 5,868 7,578 7,999
Portugal 697 1.067 924
Germany 212 342 224
France 124 108 93
Netherlands 3 — 1
Romania 461 459 480
Rest of Europe 522 244 185
Subtotal Europe 74,534 80,984 73,291
Mexico 34,872 31,237 32,630
The United States 1,841 14,217 19,802
Colombia 2,676 1,466 1,828
Peru 805 1,539 1,557
Argentina 850 706 582
Venezuela — 21 7
Rest of countries 5,871 5,559 3,726
Subtotal rest of countries 46,915 54,746 60,131
Total exposure to financial instruments 121,449 135,729 133,421

Download table


The exposure to sovereign risk set out in the above table includes positions held in government debt securities in countries where the Group operates. They are used for ALCO’s management of the interest-rate risk on the balance sheets of the Group’s entities in these countries, as well as for hedging of pension and insurance commitments by insurance entities within the BBVA Group.

The table below provides a breakdown of the exposure of the Group’s credit institutions to sovereign risk as of December 31, 2021 by type of financial instrument and the country of residence of the counterparty, under EBA (European Banking Authority) requirements:

Exposure to Sovereign Risk by European Union Countries. December 2021 (Millions of Euros)

Debt securities Loans and advances Derivatives Total %
Direct exposure Indirect exposure
Notional value Fair value + Fair value - Notional value Fair value + Fair value -
Spain 25,596 12,542 288 5 (19) 12 3,084 (2,883) 38,626 40%
Italy 9,257 16 — — — (1,146) 747 (1,865) 7,008 7%
Portugal (304) 128 — — — (2) — (3) (180) -%
Germany 69 — — — — (54) 47 — 61 -%
France (1,169) 25 — — — 841 1,588 (879) 407 -%
Netherlands — — — — — — — — — -%
Romania 461 — — — — — — — 461 -%
Rest of European Union (415) 88 295 4 (1) 293 316 (1) 578 1%
Total Exposure to Sovereign Counterparties (European Union) 33,495 12,799 583 9 (20) (57) 5,782 (5,630) 46,962 48%
Mexico 21,997 5,102 5,550 6 (206) (4) — — 32,445 33%
The United States 1,732 — — — — (4) 1,820 (1,820) 1,728 2%
Turkey 5,591 236 — — — — 3 (3) 5,827 6%
Rest of other countries 7,611 2,223 — 5 — 721 42 (7) 10,596 11%
Total other countries 36,932 7,560 5,550 11 (206) 712 1,865 (1,830) 50,594 52%
Total 70,427 20,359 6,134 19 (225) 656 7,647 (7,460) 97,556 100%

Download table


This table shows sovereign risk balances with EBA criteria. Therefore, sovereign risk of European Union countries of the Group’s insurance companies (€10,101 million as of December 31, 2021) is not included. Includes credit derivatives CDS (Credit Default Swaps) shown at fair value.

This Appendix forms an integral part of Note 7.2.8 of the Consolidated Financial Statements for the year 2021.

b) Concentration of risk on activities in the real-estate market in Spain

Quantitative information on activities in the real-estate market in Spain

Lending for real estate development of the loans as of December 31, 2021, 2020 and 2019 is shown below:

Financing allocated by credit institutions to construction and Real Estate development and lending for house purchase (Millions of Euros)

Gross amount Drawn over the
guarantee value		 Accumulated
impairment
2021 2020 2019 2021 2020 2019 2021 2020 2019
Financing to construction and real estate development (including land) (Business in Spain) 2,123 2,565 2,649 455 650 688 (197) (281) (286)
Of which: Impaired assets 337 473 567 132 213 271 (142) (230) (252)
Memorandum item:
Write-offs 2,155 2,288 2,265
Memorandum item:
Total loans and advances to customers, excluding the General Governments (Business in Spain) (book value) 168,734 162,600 185,893
Total consolidated assets (total business) (book value) 662,885 733,797 695,471
Impairment and provisions for normal exposures (4,610) (4,909) (4,934)

Download table

The following is a description of the real estate credit risk based on the types of associated guarantees:

Financing allocated by credit institutions to construction and real estate development and lending for house purchase (Millions of Euros)

2021 2020 2019
Without secured loan 248 372 298
With secured loan 1,875 2,193 2,351
Terminated buildings 1,172 1,307 1,461
Homes 936 991 1,088
Other 235 316 373
Buildings under construction 517 614 545
Homes 509 430 348
Other 8 184 197
Land 186 272 345
Urbanized land 124 143 240
Rest of land 62 129 105
Total 2,123 2,565 2,649

Download table

As of December 31, 2021, 2020 and 2019, 55.2% 51.0% and 55.2%, of loans to developers were guaranteed with buildings (79.9%, 75.8% and 74.5% are homes), and only 8.8%, 10.6%, and 13.0% by land, of which 66.6%, 52.6%, and 69.6% are in urban locations, respectively.

The table below provides the breakdown of the financial guarantees given as of December 31, 2021, 2020 and 2019:

Financial guarantees given (Millions of Euros)

2021 2020 2019
Houses purchase loans 56 58 44
Without mortgage 3 5 5

Download table

The information on the retail mortgage portfolio risk (housing mortgage) as of December 31, 2021, 2020 and 2019 is as follows:

Financing allocated by credit institutions to construction and Real Estate development and lending for house purchase. (Millions of euros)

Gross amount Of which: impaired loans
2021 2020 2019 2021 2020 2019
Houses purchase loans 74,094 74,689 76,961 2,748 2,841 2,943
Without mortgage 1,631 1,693 1,672 13 20 22
With mortgage 72,463 72,996 75,289 2,735 2,821 2,921

Download table

The loan to value (LTV) ratio of the above portfolio is as follows:

LTV breakdown of mortgage to households for the purchase of a home (business in Spain) (Millions of Euros)

Total risk over the amount of the last valuation available (Loan To Value-LTV)
Less than or
equal to 40%		 Over 40% but
less than or
equal to 60%		 Over 60% but
less than or
equal to 80%		 Over 80% but
less than or
equal to 100%		 Over 100% Total
Gross amount 2021 15,189 18,107 22,782 9,935 6,449 72,463
Of which: Impaired loans 216 327 462 483 1,246 2,735
Gross amount June 30, 2021 15,197 18,891 20,716 10,624 7,568 72,996
Of which: Impaired loans 170 294 426 470 1,461 2,821
Gross amount December 31, 2020 15,105 19,453 20,424 11,827 8,480 75,289
Of which: Impaired loans 182 313 506 544 1,376 2,921

Download table

Outstanding home mortgage loans as of December 31, 2021, 2020 and 2019 had an average LTV of 46%, 46% and 47% respectively.

The breakdown of foreclosed, acquired, purchased or exchanged assets from debt from loans relating to business in Spain, as well as the holdings and financing to non-consolidated entities holding such assets is as follows:

Information about assets received in payment of debts (Business in Spain) (Millions of euros)

Gross Value Provisions Of which: Valuation adjustments on
impaired assets, from the time of
foreclosure		 Carrying amount
2021 2020 2019 2021 2020 2019 2021 2020 2019 2021 2020 2019
Real estate assets from loans to the construction and real estate development sectors in Spain. 654 913 1,048 (407) (486) (555) (214) (234) (266) 247 427 493
Terminated buildings 196 363 378 (94) (144) (150) (44) (60) (58) 102 219 228
Homes 87 212 221 (39) (75) (81) (17) (33) (33) 48 137 140
Other 109 151 157 (55) (69) (69) (27) (27) (25) 54 82 88
Buildings under construction 23 30 79 (17) (21) (44) (6) (10) (24) 6 9 35
Homes 22 29 78 (16) (20) (43) (6) (10) (24) 6 9 35
Other 1 1 1 (1) (1) (1) — — — — — —
Land 435 520 591 (296) (321) (361) (164) (164) (184) 139 199 230
Urbanized land 406 485 547 (281) (303) (338) (153) (150) (167) 125 182 209
Rest of land 29 35 44 (15) (18) (23) (11) (14) (17) 14 17 21
Real estate assets from mortgage financing for households for the purchase of a home 970 1,128 1,192 (520) (593) (612) (154) (163) (153) 450 535 580
Rest of foreclosed real estate assets 494 481 451 (264) (259) (233) (62) (48) (37) 230 222 218
Equity instruments, investments and financing to non-consolidated companies holding said assets 708 1,310 1,380 (449) (450) (293) (410) (412) (255) 259 860 1,087
Total 2,826 3,832 4,071 (1,640) (1,788) (1,693) (840) (857) (711) 1,186 2,044 2,378

Download table

As of December 31, 2021, 2020 and 2019, the gross book value of the Group’s real-estate assets from corporate financing of realestate construction and development was €654, €913 and €1,048 million, respectively, with an average coverage ratio of 62.2%, 53.2%, and 53.0% respectively.

The gross book value of real-estate assets from mortgage lending to households for home purchase as of December 31, 2021, 2020 and 2019, amounted to €970, €1,128 and €1,192 million, respectively, with an average coverage ratio of 53.6%, 52.6%, and 51.3%.

As of December 31, 2021, 2020 and 2019, the gross book value of the BBVA Group’s total real-estate assets (business in Spain), including other real-estate assets received as debt payment, was €2.118, €2,522 and €2,691 million, respectively. The coverage ratio was 56.2%, 53.1% and 52.0%, respectively.

This Appendix is an integral part of Note 7 of the consolidated financial statements for the year ended December 31, 2021.

c) Concentration of risk by geography

Below is a breakdown of the balances of financial instruments registered in the accompanying consolidated balance sheets by their concentration in geographical areas and according to the residence of the customer or counterparty. As of December 31, 2021, 2020 and 2019 it does not take into account loss allowances or loan-loss provisions:

Risks by geographical areas. December 2021 (Millions of Euros)

Spain Rest of Europe Mexico The United States Turkey South America Other Total
Derivatives 4,145 15,783 1,511 4,706 945 3,248 594 30,933
Equity instruments (*) 3,682 12,510 3,885 1,273 80 206 951 22,587
Debt securities 43,336 22,288 32,042 4,418 5,677 6,237 6,993 120,990
Central banks — 15 — — — 2,527 106 2,648
General governments 40,653 15,608 29,771 1,839 5,669 2,813 5,156 101,508
Credit institutions 1,401 2,341 1,213 142 8 275 480 5,860
Other financial corporations 619 1,878 270 903 1 402 132 4,203
Non-financial corporations 662 2,447 788 1,535 — 220 1,118 6,770
Loans and advances 177,851 64,238 60,208 9,319 36,743 42,182 9,984 400,525
Central banks 865 2,832 — — 3,991 1,442 24 9,154
General governments 12,542 256 5,102 — 236 1,733 490 20,359
Credit institutions 7,360 29,901 1,452 361 2,695 1,221 2,247 45,238
Other financial corporations 4,583 14,183 985 1,521 954 1,165 851 24,242
Non-financial corporations 56,643 13,993 24,930 7,403 19,500 19,024 6,250 147,743
Households 95,857 3,072 27,740 35 9,368 17,596 122 153,789
Total risk in financial assets 229,013 114,819 97,647 19,718 43,445 51,873 18,521 575,035
Loan commitments given 35,604 37,313 17,662 13,239 6,359 7,926 1,516 119,618
Financial guarantees given 2,426 3,363 16 451 4,163 993 308 11,720
Other commitments given 14,516 6,995 2,127 2,070 3,529 2,402 2,965 34,604
Off-balance sheet exposures 52,546 47,671 19,805 15,760 14,050 11,321 4,789 165,941
Total risks in financial instruments 281,559 162,489 117,451 35,477 57,496 63,194 23,309 740,976
  • (*) Equity instruments are shown net of valuation adjustment.

Download table

Risks by geographical areas. December 2020 (Millions of Euros)

Spain Rest of Europe Mexico The United States Turkey South America Other Total
Derivatives 8,419 17,811 2,292 8,350 349 2,162 800 40,183
Equity instruments (*) 2,196 9,627 3,197 925 65 260 420 16,690
Debt securities 56,552 18,932 29,392 5,097 7,466 5,907 6,287 129,632
Central banks — — — — — 2,535 100 2,635
General governments 48,765 12,320 26,567 2,412 7,449 2,547 4,641 104,701
Credit institutions 1,680 2,383 1,542 214 14 205 681 6,718
Other financial corporations 5,466 1,804 404 897 2 439 163 9,175
Non-financial corporations 641 2,426 879 1,574 — 180 702 6,402
Loans and advances 168,849 50,691 57,787 8,335 40,373 39,081 9,964 375,080
Central banks 1,301 37 235 204 3,408 1,060 37 6,282
General governments 12,712 328 4,671 — 181 1,401 732 20,026
Credit institutions 644 23,123 2,888 1,477 217 830 3,762 32,940
Other financial corporations 3,742 10,826 2,489 946 1,165 756 723 20,647
Non-financial corporations 55,314 13,078 22,878 5,670 23,963 18,215 4,573 143,691
Households 95,136 3,298 24,626 38 11,439 16,819 137 151,493
Total risk in financial assets 236,016 97,061 92,667 22,706 48,253 47,410 17,471 561,585
Loan commitments given 35,096 32,327 15,748 33,644 7,691 6,530 1,548 132,584
Financial guarantees given 850 3,302 24 714 4,415 1,013 348 10,665
Other commitments given 15,474 8,224 1,618 1,922 3,403 2,883 2,666 36,190
Off-balance sheet exposures 51,419 43,853 17,391 36,280 15,508 10,425 4,563 179,440
Total risks in financial instruments 287,436 140,914 110,058 58,986 63,761 57,836 22,034 741,025
  • (*) Equity instruments are shown net of valuation adjustment.

Download table

Risks by geographical areas. December 2019 (Millions of Euros)

Spain Rest of Europe Mexico The United
States		 Turkey South America Other Total
Derivatives 5,241 16,603 1,328 6,354 189 1,788 729 32,232
Equity instruments (*) 3,745 6,184 3,829 1,311 55 268 247 15,639
Debt securities 48,806 13,283 28,053 17,733 7,934 5,383 4,210 125,403
Central banks — — — — — 1,785 70 1,855
General governments 41,510 9,403 25,852 14,465 7,921 2,732 2,846 104,728
Credit institutions 1,237 1,672 658 150 9 263 611 4,600
Other financial corporations 5,643 1,001 317 2,085 3 433 136 9,619
Non-financial corporations 416 1,207 1,226 1,034 1 170 548 4,602
Loans and advances 171,673 49,757 63,505 65,044 45,874 40,787 9,264 445,903
Central banks 14 — — — 3,647 684 475 4,820
General governments 14,477 394 6,820 5,342 111 1,536 637 29,317
Credit institutions 6,626 18,274 2,050 648 1,996 1,012 2,112 32,717
Other financial corporations 3,103 13,351 1,611 2,313 1,248 704 752 23,082
Non-financial corporations 50,718 14,215 24,823 34,960 26,099 17,963 5,130 173,908
Households 96,735 3,523 28,201 21,781 12,773 18,888 158 182,059
Total risk in financial assets 229,465 85,827 96,715 90,442 54,052 48,226 14,450 619,177
Loan commitments given 33,146 26,687 17,361 35,185 8,665 8,060 1,819 130,923
Financial guarantees given 3,182 1,605 656 754 3,170 911 705 10,984
Other commitments given 16,204 9,125 1,534 2,075 5,065 2,808 2,397 39,209
Off-balance sheet exposures 52,532 37,417 19,551 38,014 16,900 11,779 4,922 181,116
Total risks in financial instruments 281,997 123,244 116,266 128,456 70,952 60,005 19,372 800,293
  • (*) Equity instruments are shown net of valuation adjustment.

Download table

The breakdown of the main figures in the most significant foreign currencies in the accompanying consolidated balance sheets is set forth in Appendix VII.

The breakdown of loans and advances in the heading of “Loans and advances”, impaired by geographical area as December 31, 2021, 2020 and 2019 is as follows:

Impaired financial assets by geographic area (Millions of Euros)

2021 2020 2019
Spain 8,143 8,199 8,616
Rest of Europe 104 118 175
Mexico 1,921 1,767 1,478
South America 1,744 1,703 1,769
Turkey 2,746 2,889 3,289
Rest of the world (*) — 2 634
IMPAIRED RISKS 14,657 14,678 15,959
  • (*) In 2019, it includes the balances of the Group's businesses in the United States included within the scope of the USA Sale (see Notes 1.3, 3 and 21).

Download table

This Appendix is an integral part of Note 7.2.8 of the consolidated financial statements for the year ended December 31, 2021.

APPENDIX XIII. Information in accordance with article 89 of Directive 2013/36/EU of the European Parliament and its application to Spanish Law through Law 10/2014

December 31, 2021 (Millions of Euros)

Country CIT
payments
cash basis (*) 		CIT expense
consol		 PBT consol Gross
margin/th> 		Nº
Employees
(**)		 Activity Main Entity
Spain (***) 90 901 1,030 6,161 23,933 Finance, banking and insurance services BBVA S.A.
Mexico 360 957 3,532 7,448 40,238 Finance, banking and insurance services BBVA México, S.A.
Turkey 330 437 1,851 3,145 20,063 Finance, banking and insurance services Garanti BBVA AS
United States(****) 34 108 586 1,502 285 Finance and banking services BBVA, S.A. -New York Branch Office
Peru 173 120 385 1,093 5,780 Finance and banking services BBVA Banco Continental S.A./td>
Colombia 90 101 338 889 6,721 Finance, banking and insurance services BBVA Colombia S,A.
Argentina 27 39 129 816 5,364 Finance, banking and insurance services Banco BBVA Argentina S.A.
Uruguay 16 7 29 134 579 Finance and banking services BBVA Uruguay S.A.
Chile 12 16 71 133 714 Financial services Forum Servicios Financieros, S.A.
United Kingdom 8 8 61 108 117 Banking services BBVA, S.A. -London Branch Office
Romania 4 7 41 106 1,119 Finance and banking services GBR Garanti Bank SA
Portugal 9 15 47 95 440 Finance and banking services BBVA, S.A. - Portugal Branch Office
Hong Kong 8 9 57 80 90 Banking services BBVA -Hong-Kong Branch Office
Malta 4 2 21 77 14 Banking services Garanti BBVA AS - La Valeta Branch Office
The Netherlands — 6 23 70 207 Finance and banking services Garantibank BBVA International N.V.
Italy 28 17 57 66 52 Banking services BBVA, S.A. -Milan Branch Office/td>
France 7 9 42 61 63 Banking services BBVA, S.A. -Paris Branch Office
Venezuela 1 5 7 56 1,748 Finance, banking and insurance services BBVA Banco Provincial S.A.
Germany 27 5 26 40 37 Banking services BBVA, S.A. -Frankfurt Branch Office
Switzerland 6 2 8 39 117 Finance and banking services BBVA (Switzerland) S.A.
Bolivia 3 3 12 28 468 Pensions BBVA Previsión AFP SA
Cyprus 3 5 21 23 106 Banking services Garanti BBVA AS - Nicosia Branch Office
Singapore 2 3 18 22 12 Banking services BBVA, S.A. -Singapore Branch Office
Taiwan — (1) (2) 7 11 Banking services BBVA, S.A. -Taipei Branch Office
Curaçao — — 4 7 16 Finance and banking services Banco Provincial Overseas N.V.
China — — 1 6 27 Banking services BBVA, S.A. -Shanghai Branch Office
Belgium — — 4 5 22 Banking services BBVA S.A. -Brussels Branch Office
Brazil — — — 2 6 Financial services BBVA Brasil Banco de Investimento, S.A.
Finland — — 1 — — Financial services Holvi Payment Service OY
Japan — — (1) — 4 Banking services BBVA S.A.-Tokio Branch Office
Paraguay 10 — — — — Finance and banking services BBVA Paraguay S.A.
Total 1,252 2,781 8,399 22,219 108,353
  • (*) The amounts of "Cash payments of corporate income tax" are highly conditioned and derive fundamentally from the methodology for calculating the instalment payments provided for in the regulations governing corporate income tax in the different geographical areas, producing differences between the instalment payments made in the current year and the refund of installments from previous years that may result once the final tax returns have been filed. In this respect, it should also be noted that it is normal for there to be, differences between the amounts of "Corporate tax cash payments" and "Corporate tax expense", as the tax paid in the year is not necessarily directly related to the pre-tax profit existing in a jurisdiction, but takes into account the tax payments (and refunds) in respect of profits made in previous years, as well as the instalment payments made in the current year and the withholding of input tax. However, the "Corporate Income Tax Expense" for the current year is more directly related to the existing Profit before tax for a given year.
  • (**) Full time employees. The 21 employees of representative offices are not included in the total number.
  • (***) In Spain, the balance of "Profit before tax" includes the capital gain generated in 2021 as a result of the sale of the US business, which is classified in the income statement under "Profit (loss) after tax from discontinued operations". Likewise, the balance of "Corporate income tax expense" in Spain is highly conditioned because it incorporates the tax effects associated with the sale of the US business, which is classified in the income statement under "Profit (loss) after tax from discontinued operations.
  • (****) In the US, the balance of "Profit before tax", "Corporate income tax expense" and "Gross margin" includes the profit generated by the US banking business up to the time of its sale, which is classified in "Profit (loss) after tax from discontinued operations". The number of employees in the US does not include employees who at 31 December no longer form part of the Group as a result of the sale of the US banking business.

Download table

The total gross margin of the Group which appears in the previous table does not tie up with the one existing in the consolidated income statement since the total gross margin of such table also includes the gross margin generated, up to the moment of its sale, by the companies included in the USA Sale, whose "Profit before taxes" and "Corporate income tax expense" are classified under "Profits (losses) after taxes from discontinued operations.

The results of this breakdown of the branches are integrated in the financial statements of the parent companies on which they depend.

As of December 31, 2021, the return of the Group’s assets calculated by dividing the “Profit” between “Total Assets” is 0.85%.

In 2021 (1), BBVA group has not received public aid for the financial sector which has the aim of promoting the carrying out of banking activities and which is significant. This statement is made for the purposes of article 89 of Directive 2013/36/EU of the European Parliament and of the Council of June 26 (on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms) and its transposition to Spanish legislation by means of Law 10/2014 on Monitoring, Supervision and Solvency of Credit Institutions of June 26.

(1)BBVA disclosed by means of public relevant events: (i) on 07/27/2012 the closing of the acquisition of UNNIM Banc, S.A. and (ii) on 04/24/2015 the closing of the acquisition of Catalunya Banc, S.A.

Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted by the European Union (see Notes 1 to 56). In the event of a discrepancy, the Spanish-language version prevails.