Shareholder Report
january - june 2014

The BBVA share

The advanced economies recovered in the first half of 2014, improving their contribution to global growth. The financial markets remained relatively calm, with episodes of volatility more linked to geopolitical risk events than to monetary policy decisions. Capital flows returned to bonds and shares of emerging economies and to financial assets of the peripheral Eurozone countries.

In this context, the main stock-market indices have closed the second quarter of 2014 with gains above those of the previous quarter. In the financial markets, the Stoxx 50 general European index closed the month of March with a quarterly revaluation of 2.1%. The Ibex 35 closed with a 5.6% revaluation. The banking index for the Eurozone (Euro Stoxx Banks) declined 5.6% influenced by the possible impact of significant fines that could be imposed on some of the main European investment banks.

As of June 30, 2014 the BBVA share price stood at €9.31 per share, a rise of 44.4% in the last 12 months.

Share performance ratios

The BBVA share

Shareholder remuneration

A cash dividend of €0.08 gross per share was paid on July 10, which entails a total payout of 471 million euros.

Group Earnings

BBVA increases its profit from continuing operations by 11.7%.

BBVA earned €1,328 million between January and June, 53.9% less than in the same period last year, due to the absence of corporate operations. Not including these operations in the comparison, net income from continuing operations is up 11.7% to €1,544 million.

Revenues grew faster than expenses, generating operating income of €5,093 million between January and June, up 8.7% on the same period in 2013, excluding the exchange-rate effect.

Rising faster than costs