BBVA Group Quarterly Report 1Q26

The BBVA Group reported a net attributable profit of €2,989 million for the first quarter of 2026, an increase of 10.8% year-on-year, or 14.1% at constant exchange rates. This growth was driven by strong recurring revenues from the banking business, with net interest income up 20.2% and net fees and commissions up 15.5% at constant exchange rates. Gross income increased by 18.3% at constant exchange rates, while operating expenses grew by 17.5%, leading to an improved efficiency ratio of 38.0%. Impairment on financial assets increased by 35.0% at constant exchange rates, reflecting loan growth across all business areas. Loans and advances to customers increased by 4.0%, with a notable dynamism in the wholesale segment. Customer funds grew by 0.9%. The CET1 ratio stood at 12.83%, maintaining a significant buffer over regulatory requirements. The Group channeled approximately €36 billion into sustainable business in the first three months of 2026, contributing to its 2025-2029 strategic plan. Shareholder remuneration included a cash distribution of €0.60 per share for the 2025 financial year. A significant event during the quarter was the agreement to sell Garanti BBVA's subsidiaries in Romania, expected to close in Q4 2026.