Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) Q3 2022 Earnings Call Transcript

For the period ending September 30, 2021

October 28, 2022 3:30 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Patricia Bueno

Good morning, and welcome everyone to the BBVA Third Quarter 2022 Results Presentation. Thank you very much for your interest.

I'm joined today by Onur Genc, BBVA CEO; and Rafael Salinas, Group CFO. As in previous quarters, Onur will start reviewing the group figures, followed by Rafa who will go through the business units results. Then we will move straight to the Q&A session.

And now I will turn it over to Onur.

Onur Genc

Thank you Patricia. Good morning to everyone. Welcome and thank you for joining our third quarter audio webcast.

Let's dive into it as always starting with slide number three. On the left-hand side of the slide you can see our net attributable profit -- recurrent net attributable profit reaching €1.841 billion. One more quarter we are posting very strong results in our view, achieving the highest reported quarterly results ever and this number is 31% above the results of the same quarter of last year. Also as you can see this figure is much higher compared to last five years average, which stands at around €1.2 billion.

These excellent results brings our earnings per share up to €0.29, 45% year-over-year growth, a higher growth rate than the net attributable profit because of the share buyback program that we have already executed. The graph on the right-hand side of the slide, it shows our capital ratio of 12.45% above our target range and well-above obviously our regulatory requirements.

Slide number four. I would like to highlight that this quarter we have achieved the highest operating income ever of BBVA. As you can see we have reached for the first time a quarterly record figure above €4 billion with a quarter-over-quarter increase of 16.6% and obviously an equally outstanding growth year-over-year.

Page number five. Tangible book value per share plus dividends. It continues the outstanding evolution of previous quarters closing at €7.66 per share, a 20% increase year-over-year and the 3.2% growth in the quarter. I believe this 20% year-over-year growth is one of the most impressive figures in this presentation.

And regarding profitability, we continue to improve our excellent profitability metrics reaching this quarter 15% in ROE and 15.7% in ROTE. We remain clearly with these numbers one of the most profitable European banks. And we keep advancing, we keep advancing on these figures.