“Our results this quarter indicate that we are making progress in the execution of our Strategic Plan and are on track to achieve the goals set for 2028. All this in a complex geopolitical context, demonstrating the strength of our business model and diversification,” said Onur Genç, CEO of BBVA.

Momentum in the banking business in the first quarter of 2026 led to 17% growth in lending (in constant euros). The strong performance of two of the group’s main markets, Mexico and Spain, was particularly notable, with yoy growth of 8.4% and 6.3%, respectively³. Also noteworthy was the excellent performance of Rest of Business area, which saw a 54.5% increase in activity.

Except where otherwise stated, the evolution of each of the main headings and changes in the income statement described below refer to constant exchange rates. In other words, they do not take currency fluctuations into account.

Performance was very positive across the main lines of the income statement (net interest income, fees and commissions, gross income, operating income and net attributable profit).

Starting with net interest income, it reached €7.54 billion (up 20.2% yoy), mainly driven by Türkiye, South America and Mexico. In addition, the ratio of net interest income over average total assets also continued to show very favorable momentum in recent quarters (3.35% in the first quarter of 2026 compared to 3.29% a year earlier), underscoring the bank’s ability to generate robust interest income, due to higher growth in more profitable segments. Net fees and commissions rose 15.5% yoy to €2.26 billion. Fees linked to payment methods, asset management and insurance stood out, as did the greater contribution of the wholesale banking business (CIB). Core revenues totaled €9.79 billion, an increase of 19.1%.

Net trading income contributed €915 million (up 1.1% yoy), supported by momentum in the Global Markets unit. By business areas, performance was positive in Mexico, Rest of Business, Spain and Türkiye.

The other operating income and expenses line item posted better results in the first quarter of 2026 than in the same period the previous year, thanks to favorable performance in insurance.

Thus, gross income amounted to €10.65 billion, an increase of 18.3% yoy. This solid growth in income, which outpaced expenses growth (up 17.5% yoy), allowed the bank to maintain positive jaws. The efficiency ratio stood at 38%, improving 24 basis points from the previous year.

Consequently, operating income grew 18.7% yoy, reaching €6.60 billion.

Impairment on financial assets amounted to €1.82 billion, broadly in line with the previous quarter, although 35% higher than the first quarter of 2025. This increase occurred against a backdrop of credit growth, especially in more profitable segments. As a result, the loan portfolio coverage ratio increased to 86%, while the non-performing loan ratio improved to 2.6%. The cost of risk ended the first quarter at 1.54%, in line with the previous quarter.

BBVA reported net attributable profit of €2.99 billion in the first quarter of 2026, 14.1% higher than one year earlier (up 10.8% in current euros). Earnings per share grew at an even faster pace (up 12.5% in current euros) thanks to share buybacks carried out over the past 12 months.