Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) Q2 2023 Earnings Call Transcript

For the period ending June 30, 2023

July 28, 2023 3:30 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Patricia Bueno

Good morning. And welcome to BBVA Second Quarter 2023 Results Presentation. As in previous quarters, I am jointed today by

Just as a reminder, both the results report and the presentation we will be following today are available to you on our website. I'm joined here today by Onur Genc, our CEO, and Rafael Salinas , CFO. They will discuss quarterly figures and then we will open the lines to receive your questions. Thank you very much for your participation. And now I turn it over to Onur.

Onur Genc

Thank you, Patricia. Good morning, everyone. Welcome and thank you for joining our second quarter 2023 results audio webcast. Before going into the presentation as you already know, yesterday, we have announced that Rafa who's sitting next to me here after more than three decades, three decades of a brilliant career at BBVA. He is going to be leaving his CFO position and executive responsibilities as of September the first, Rafa has been clearly one of the very important contributors to the success of BBVA. He will continue to be connected with the bank in non-executive responsibilities. But before we start, I want to extend my heartfelt congratulations to Rafa in his last results presentation and I think that's a positive know, Rafa.

Very good, in terms of the results, let me start Slide 3. On the left hand side of the slide, you can see our net attributable profit, reaching EUR 2,032 million. I would like to highlight that we are posting another record of quarterly results passing for the first time the EUR 2 billion mark, that is also 11% above the results of the same quarter of last year. These results bring out earnings per share up to EUR 0.33, 13% year-over-year, a higher growth rate and the one of net attributable profit due to the share buyback programs that we have been executing. The graph on the right hand side of the slide it shows our capital ratio at 12.99% above our target range and well above our regulatory requirements.

Page 4, our tangible book value per share plus dividends. It continues the outstanding evolution of previous quarters with a 15% increase year-over-year and 2.3% growth in the quarter only. And regarding profitability on the right hand side, we continue to improve our excellent profitability metrics, reaching in the first half of the year 16.9% in ROTE, and 16.2% in ROE. These are being the highest figures over the last 10 years. We remain with these figures; we remain clearly one of the most profitable European banks and we keep advancing on this every quarter.