Shareholder Report
January-June 2012 earnings

In the second quarter of 2012, the difficult economic situation in some countries in the euro zone continued to weigh on stock markets.

Up 3.7%, the BBVA share outperformed the Ibex 35 index (down 11.3%) between April and June.

Share performance ratios
P/E (Price/earnings ratio; times)	8,9
Dividend yield (Dividend/price; %)	7,5

The BBVA share
Number of shareholders:	1.044.129
Market capitalization (million euros):	30.296

BBVA pays a €0.10/share cash dividend in July.

In the first six-month period of the year, operating income was €6,134m, up 9.8% year-on-year.

Revenue continues to grow strongly and generate profits.

Excellent solvency, liquidity and efficiency figures for the first half of the year.

Called-up share capital:
EBA Ratio 9,2%	EBA since Sep. 2011 up €6.9bn	Δ Called-up share capital 1H12 up 50 bp

Liquidity:

Improvement of internal ratios

Risks:
NPA ratio 4%	Coverage ratio up 5 pp

Efficiency:

Efficiency ratio 46.2%