Banco Bilbao Vizcaya Argentaria, S.A. Q3 2026 Earnings Recap

BBVA shares fell 6.2% after earnings, suggesting investors focused on pressure in the capital ratio rather than the bank’s record profits and strong revenue growth. CET1 declined to 12.21% from 12.41% pro forma in June, as earnings generation was more than offset by capital consumed by growth, lower risk-transfer impact and negative market effects.

Key Takeaways

• Net attributable profit reached €3 billion-plus for the quarter, up 19.1% year over year; nine-month profit was a record €9.07 billion, up 13.6%.
• Net interest income grew 16.5% year over year and 5.7% quarter over quarter in constant terms. Gross income rose 15.7% year over year.
• Loan growth accelerated to 12% in Mexico and remained strong at 7.3% in Spain; management cited activity growth as a driver of NII.
• Nine-month expenses rose 16% against 16.3% gross-income growth; the efficiency ratio improved 9 basis points to 37.9%.
• Asset quality metrics were described as stable, with cost of risk at 144 basis points for the first nine months.