Key Highlights

  • Net attributable profit topped EUR 3 billion, up 19.1% year over year, while earnings per share grew 23.9%.
  • Net interest income climbed 16.5% year over year, and gross income rose 15.7%, with fees up 12.4%.
  • Nine month profit reached a record EUR 9.07 billion, with return on tangible equity of 22% and efficiency of 37.9%.
  • The CET1 ratio stood at 12.21% after the EUR 2 billion extraordinary buyback, down from 12.41% pro forma in June.

BBVA (NYSE:BBVA) reported third quarter 2026 net attributable profit of more than EUR 3 billion, a 19.1% increase from a year earlier, while earnings per share grew nearly 23.9% as share buybacks reduced the share count. Earnings per share of 1.81 compared with a consensus estimate of 0.60, and revenue of 12.16 billion compared with a consensus estimate of 12.08 billion, with both figures above the estimates. Gross income rose 15.7% year over year and 4.2% from the second quarter.

Core Revenue and Regional Contributions

Net interest income was the main driver, up 16.5% year over year and 5.7% quarter over quarter in constant euros. Net fees and commissions rose 12.4%, led by payments and asset management, and net trading income rose 5.7%. Chief Executive Officer Onur Genc said loan growth exceeded 20% year over year in current euros at the end of the prior quarter.

Spain contributed EUR 934 million in the quarter on loan growth of 7.3%. Mexico earned EUR 4.5 billion over nine months, up 8.4% in constant euros, with loans up 12%. Turkey earned close to EUR 260 million in the quarter, South America EUR 265 million, and the rest of business EUR 291 million. The group efficiency ratio improved 9 basis points to 37.9%, and the nine month cost of risk was 144 basis points.

Guidance and Risk Commentary

Management lifted group return on tangible equity guidance to above 20%, while the nine month figure was 22%. The Turkey net profit guidance of around EUR 1 billion carries a downward bias, and Turkey cost of risk could come slightly above the 220 basis point guidance because retail credit remains under pressure in a higher for longer rate environment. South America cost of risk could exceed its guidance of below 250 basis points, depending on Argentina.

In Mexico, management kept its loan growth guidance of around 10% while noting a positive bias, and said customer spread appears to have bottomed with the central bank rate at 6.5%. In Spain, cost of deposits rose 13 basis points, with 10 of those coming from wholesale deposits, which reprice relatively automatically. The NPL ratio held at 2.6% with coverage of 84%.

Capital and Return Metrics to Follow

The CET1 ratio of 12.21% compares with a management target range of 11.5% to 12%. Earnings added 71 basis points, dividend accrual and AT1 coupons deducted 38 basis points, risk weighted asset growth deducted 44 basis points, and market movements deducted 22 basis points. The 2027 supervisory requirement of 9.36% leaves a buffer of 264 basis points to the top of the range.

Shareholder remuneration items include the record interim dividend of EUR 0.37 per share paid October 15 and the second EUR 1 billion tranche of the EUR 2 billion extraordinary buyback now under way. Management also pointed to tangible book value per share plus dividends up 14.3% year over year, and voiced confidence in beating its 2025 to 2028 financial goals.