9M 2026
Filed Oct 29, 2026BBVA Exceeds €9 Billion in Profit in the First Nine Months of 2026 and Increases Lending by 20 Percent Year-on-Year
Net attributable profit reached a record € 9.07 billion, recurring revenue increased 17 percent, operating income rose 16.5 percent, lending increased 20.4 percent in constant euros and ROTE reached 22 percent.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Customer loans growthother | 20.4 percent year-over-year in constant euros | – | 20.4 percent year-over-year in constant euros |
| Net interest incomeother | €23.24B | – | 17.8 percent year-over-year |
| Net fees and commissions incomeother | €6.91B | – | 14.5 percent year-over-year |
| Recurring revenue from the banking businessother | €30.15B | – | 17 percent increase |
| Net trading income growthother | 5.6 percent | – | 5.6 percent |
| Gross incomeother | €32.07B | – | 16.3 percent year-over-year |
| Operating expensesother | €12.17B | – | 16 percent year-over-year |
| Operating expenses growth excluding non-recurring effectsother | 13.8 percent year-over-year | – | 13.8 percent year-over-year |
| Efficiency ratioother | 37.9 percent | – | 81 basis-point improvement excluding non-recurring effects |
| Operating incomeother | €19.9B | – | 16.5 percent year-over-year |
| Impairment losses on financial assets growthother | 22 percent | – | 22 percent |
| Cumulative cost of risk since Januaryother | 1.44 percent | – | – |
| NPL ratioother | 2.6 percent | – | – |
| Coverage ratioother | 84 percent | – | – |
| Net attributable profitother | €9.07B | – | 13.6 percent in current euros |
| Net attributable profit growth in constant eurosother | 11.4 percent year-over-year | – | 11.4 percent year-over-year |
| Earnings per share growthother | 17.5 percent | – | 17.5 percent in current euros |
| Third-quarter net attributable profitother | €3.02B | – | 14.4 percent over the same period of the previous year |
| CET1 capital ratioother | 12.21 percent | – | – |
| Tangible book value per share plus dividendsother | € 10.92 | – | 19.9 percent increase year-over-year, excluding the effects of share buybacks carried out over the past 12 months |
| ROEother | 20.8 percent | – | – |
| ROTEother | 22 percent | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| SpainLending grew 7.3 percent year-over-year, driven by corporate lending, consumer lending and card segments. Net attributable profit reached € 3.11 billion. Net interest income increased by 3.4% year-on-year and net fees and commissions rose by 2.3%. | Not reported | – | – |
| MexicoLending rose by 12 percent year-over-year, driven largely by corporate lending and positive contributions of all retail segments. Net interest income increased by 8.5 percent. Net attributable profit was € 4.52 billion, an 8.4 percent increase year-over-year. | Not reported | – | – |
| TürkiyeLending in local currency increased by 40.1 percent. Net attributable profit reached € 789 million, a 21.8 percent increase year-over-year in current euros, driven by recurring revenue. | Not reported | – | – |
| South AmericaThe loan portfolio grew by 14.6 percent compared with September 2025. Net attributable profit reached € 821 million, up 42.1 percent year-over-year in current euros, driven by recurring revenue. | Not reported | – | – |
| Rest of BusinessThe loan portfolio increased by 68.6 percent year-over-year, mainly due to corporate lending in the USA, Europe and Asia. Net attributable profit grew by 58.5 percent to € 801 million, supported by net interest income, up 40.2 percent, and net fees and commissions, up 32.1 percent. | Not reported | – | – |
Capital returns
- On October 15, BBVA shareholders received a gross cash dividend of € 0.37 per share charged against 2026 earnings.
- The gross cash dividend was nearly 16 percent higher than in 2025.
- BBVA has a new extraordinary share buyback program underway worth € 2 billion.
- The bank completed the first € 1 billion tranche and began the second € 1 billion tranche.
What drove it
- Strong recurring revenue, comprising net interest income and fees and commissions, drove net attributable profit.
- Net interest income was supported by business momentum, particularly in Türkiye, South America and Mexico.
- Fees and commissions growth was mainly due to payment methods and asset management.
- Net trading income growth was supported by the Rest of Business area and Mexico.
- Lending growth was led by Türkiye, South America and Mexico, while Spain and Mexico reported lending growth of 7.3 percent and 12 percent, respectively.
Concerns
- Impairment losses on financial assets increased by 22 percent in the context of lending growth.
- Operating-expense growth was affected by VAT payment adjustments in the second quarter of 2025 and 2026 and voluntary staff departures in 2026.
- The Group NPL ratio was 2.6 percent; Türkiye reported an NPL ratio of 4.2 percent and South America reported an NPL ratio of 3.8 percent.
What to watch
- Execution of the second € 1 billion tranche of the extraordinary share buyback program.
- Whether lending momentum in Spain, Mexico, Türkiye, South America and Rest of Business continues.
- The evolution of impairment losses on financial assets, which increased by 22 percent.
- Expense growth following VAT payment adjustments and voluntary staff departures.
- Progress in deploying ‘The Frame’ AI-agent framework across the bank.
Balance sheet and cash flow
- The CET1 ratio stood at 12.21 percent at the end of September.
- Cumulative cost of risk since January stood at 1.44 percent.
- The NPL ratio was 2.6 percent and the coverage ratio was 84 percent.
Analysis
BBVA reported a record net attributable profit of € 9.07 billion for the first nine months of 2026, up 13.6 percent in current euros and 11.4 percent in constant euros. Revenue momentum was broad: net interest income reached € 23.24 billion, up 17.8 percent, net fees and commissions reached € 6.91 billion, up 14.5 percent, and their combined recurring revenue was € 30.15 billion, up 17 percent. Gross income rose 16.3 percent to € 32.07 billion.
Operating income reached € 19.90 billion, up 16.5 percent, as gross-income growth slightly outpaced the 16 percent increase in operating expenses. The efficiency ratio was 37.9 percent. BBVA said expenses were affected by VAT payment adjustments in the second quarter of 2025 and 2026 and voluntary staff departures in 2026; excluding those effects, expense growth would have been 13.8 percent and the efficiency ratio would have improved by 81 basis points.
Lending increased 20.4 percent year-over-year in constant euros. Growth was reported across the principal operating areas, including 7.3 percent in Spain, 12 percent in Mexico, 40.1 percent in local currency in Türkiye, 14.6 percent in South America and 68.6 percent in Rest of Business. Mexico generated € 4.52 billion of net attributable profit and Spain generated € 3.11 billion, while South America, Rest of Business and Türkiye reported € 821 million, € 801 million and € 789 million, respectively.
Risk indicators were described as stable, although impairment losses on financial assets increased by 22 percent. The Group reported a cumulative cost of risk of 1.44 percent, an NPL ratio of 2.6 percent and a coverage ratio of 84 percent. Capital remained above BBVA's stated target range, with a CET1 ratio of 12.21 percent versus a target range of 11.5 to 12 percent. The bank paired this position with a € 0.37 per share interim dividend and a € 2 billion extraordinary buyback program.
BBVA did not provide forward financial guidance in the filing. The release instead emphasized ongoing execution of its 2025-2029 Strategic Plan, including AI-driven transformation and ‘The Frame,’ its framework to deploy and govern AI agents at scale. Attention centers on whether elevated loan growth and recurring-income expansion can continue while impairment growth, expense normalization and asset quality remain controlled.
Management, verbatim
We continue to make progress on our strategic plan, with a particular focus on AI-driven transformation. And we are already seeing tangible results that demonstrate the enormous potential of this technology to enhance the customer experience, streamline processes and boost team productivity
Onur Genç
Not in the filing
stated, not guessed- Explicit accounting framework, including IFRS or local GAAP designation, was not provided in the filing text.
- Prior-year absolute values for net interest income, net fees and commissions income, recurring revenue, gross income, operating expenses, operating income and net attributable profit were not provided.
- Prior-quarter values and sequential comparisons were not provided.
- GAAP and non-GAAP earnings, EPS and margin reconciliations were not provided.
- Operating cash flow, free cash flow, cash balances, debt balances and deposit balances were not provided.
- Business-area revenue values were not provided; the filing reported profit, lending and selected revenue-growth information by area.
- Forward revenue, expense, margin, tax-rate or earnings guidance was not provided.
- Previous outlook was not provided.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.