Shareholder Report
2013 Earnings

The BBVA share

The main trends seen in the global economy in previous quarters have consolidated: Recovery of the U.S. economy, beginning of the gradual withdrawal of monetary stimuli by the Federal Reserve (Fed) and policy rate cut by the European Central Bank (ECB). The improvement of the macroeconomic fundamentals of emerging markets is worth noting.

In the financial markets, the general European index, the Stoxx 50, rose 5.2% in quarterly terms at the close of December, while the Ibex 35 and the Eurozone banking index (Euro Stoxx Banks) were up 8.0% and 12.4%, respectively.

Share performance ratios

The BBVA share

Shareholder remuneration

A new dividend policy has been announced that will pay shareholders in cash, in line with earnings and according to the Group's growth profile. This shift towards 100% cash remuneration will be accompanied by a supplement to the cash dividend based on the "dividend option" system during the transition period.

Group Earnings

BBVA closed 2013 with very sound earnings, despite the complex environment. The Group's geographical diversification and the positive business dynamics drove the income statement.
Net attributable profit was up 32.9% on the previous year to €2,228 million.

The more recurring revenue (net interest income plus fees and commissions) amounted to €19,044 million, up 3.5% year-on-year not taking into account foreign currency fluctuations (down 2.2% at current exchange rates).