The BBVA share
Global growth has continued to give signs of improvement. The most recent figures suggest that the economy’s positive performance will extend into the second half of 2017, with relatively stable global GDP growth of around 1% per quarter. Increased trade, the upturn in investment and greater confidence are underpinning this positive performance. There are still no clear signs of inflationary pressure. In this context, the measures taken by the central banks continue to support economic activity, and the financial markets remain relatively calm. Performance in the developed countries continues to be positive, above all in Europe, and is now accompanied by an improved outlook for emerging economies. As a result of the above, global economic growth could be around 3.5% in 2017, according to the latest BBVA Research estimates.
With respect to the main stock-market indices in Europe both the Stoxx 50 and the Euro Stoxx 50 closed the third quarter with gains of 5.4% and 9.2% respectively since December 2016. In Spain the Ibex 35 fell back slightly over the last three months, but its performance has remained positive since the close of 2016 (up 11.0%). In the United States, the S&P 500 index closed 4.0% up on the level at the close of June, an increase of 12.5% on the last nine months.
The banking sector in Europe has also performed positively over the third quarter. Thus the European bank index Stoxx Banks, which includes British banks, gained 11.1% in the first nine months of 2017, while the Eurozone bank index, the Euro Stoxx Banks, was up 17.6% in the same period. In contrast, in the United States the S&P Regional Banks index lost 2.1% on the figure at the close of 2016.
The BBVA share has performed positively over the quarter, closing September at €7.56, a quarterly rise of 4.1%, with a cumulative gain of 17.9% since December 2016. This represents a relatively better performance than the European banking sector as a whole and than the Ibex 35.
BBVA share evolution compared with European indices
(Base indice 100=30-09-2016)
The BBVA share and share performance ratios
| 30-09-17 | 31-12-16 | |
|---|---|---|
| Number of shareholders | 900,807 | 935,284 |
| Number of shares issued | 6,667,886,580 | 6,566,615,242 |
| Daily average number of shares traded | 35,448,782 | 47,180,855 |
| Daily average trading (million euros) | 247 | 272 |
| Maximum price (euros) | 7.93 | 6.88 |
| Minimum price (euros) | 5.92 | 4.50 |
| Closing price (euros) | 7.56 | 6.41 |
| Book value per share (euros) | 7.11 | 7.22 |
| Tangible book value per share (euros) | 5.79 | 5.73 |
| Market capitalization (million euros) | 50,416 | 42,118 |
| Yield (dividend/price; %) (1) | 3.8 | 5.8 |
- (1) Calculated by dividing shareholder remuneration over the last twelve months over the closing price at the end of the period.
In the significant event published on February 1, 2017, BBVA announced its intention of modifying its shareholder remuneration policy to one of a fully cash payment of between 35% and 40% of the profits obtained each year. This policy will be formed each year of an interim dividend (which is expected to be paid in October) and a final dividend (which will be paid out upon completion of the final year and following approval of the application of the result, foreseeably in April). These payouts will be subject to appropriate approval by the corresponding governing bodies. An interim dividend against earnings for the year was paid for a gross amount of €0.09 per share on October 10, 2017.
Shareholder remuneration
(Euros-gross-/share)
As of September 30, 2017, the number of BBVA shares was still 6,668 million, and the number of shareholders was 900,807. Residents in Spain hold 42.8% of the share capital, while the percentage owned by non-resident shareholders stands at 57.2%.
Shareholder structure (30-09-2017)
| Numbers of shares |
Shareholders | Shares | ||
|---|---|---|---|---|
| Number | % | Number | % | |
| Up 150 | 187,618 | 20.8 | 13,336,560 | 0.2 |
| 151 to 450 | 185,311 | 20.6 | 50,640,662 | 0.8 |
| 451 to 1,800 | 282,461 | 31.4 | 274,439,411 | 4.1 |
| 1,801 to 4,500 | 128,782 | 14.3 | 367,042,354 | 5,5 |
| 4,501 to 9,000 | 59,717 | 6.6 | 376,234,352 | 5,6 |
| 9,001 to 45,000 | 50,454 | 5.6 | 878,767,799 | 13,2 |
| More than 45,001 | 6,464 | 0.7 | 4,707,425,442 | 70,6 |
| Total | 900,807 | 100.0 | 6,667,886,580 | 100.0 |
BBVA shares are traded on the Continuous Market of the Spanish stock exchanges and also on the stock exchanges in London and Mexico. BBVA American depositary shares (ADS) are traded on the New York Stock Exchange and on the Lima Stock Exchange (Peru), under an exchange agreement between these two markets. Among the main stock market indices, BBVA shares are included on the Ibex 35, Euro Stoxx 50 and Stoxx 50, with a weighting of 9.14%, 2.06% and 1.35% respectively. They are also listed on several sector indices, including the Euro Stoxx Banks, with a weighting of 8.71%, and the Stoxx Banks, with a weighting of 4.47%.
Finally, BBVA maintains a significant presence on a number of international sustainability indices or ESG (environmental, social and governance) indices, which evaluate the performance of companies in this area, as summarized in the table below.
Sustainability indices on which BBVA is listed as of 30-09-2017 (1)
(1)The inclusion of BBVA in any MSCI index, and the use of MSCI logos, trademarks, service marks or index names herein donot constitute a sponsorship, endorsement or romotion of BBVA by MSCI or any of its affiliates. The MSCI indices are the exclusive property of MSCI. MSCI and MSCI index names and logos are trademarks or service marks of MSCI or its affiliates.