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

BBVA shares fell 6.3% after earnings, with the quarter’s decline in CET1 capital ratio to 12.21% and management’s outlook offering limited reassurance likely weighing on investors. Management pointed to lending growth and fading rate headwinds as future supports, but those are prospective rather than evidence that the capital pressure has eased.

Key Takeaways

• Net attributable profit was €3 billion-plus for the quarter, up 19.1% year over year; nine-month profit reached a record €9.07 billion, up 13.6%.
• Net interest income rose 16.5% year over year and 5.7% quarter over quarter in constant euros; net fees and commissions increased 12.4% year over year.
• Loan growth accelerated to 12% in Mexico and was 7.3% in Spain, with growth strongest in consumer, cards and enterprise segments.
• CET1 fell from 12.41% pro forma in June to 12.21%; BBVA said earnings generation was more than offset by capital consumed by growth, lower SRT impact and negative market-related effects.
• The nine-month efficiency ratio improved 9 basis points to 37.9%; excluding nonrecurring effects, management said the improvement would have been 81 basis points.