Performance by business units<\/p>\n
Global Markets<\/a> (GM) has started 2026 with exceptional momentum, driven by the strong performance of its core business lines.<\/a> In a quarter marked by volatility and geopolitical uncertainty, the unit demonstrates its ability to capture opportunities, sustain robust client activity and deliver advanced hedging and investment solutions.<\/p>\n Rates reports an excellent start to the year, with G10 Rates playing a leading role and reaching a record contribution in the quarter. EM Rates maintains a very positive trajectory, supported by its strong regional positioning, outstanding performance in Mexico and the significant contribution of international distribution hubs. FX begins the year with strong momentum, driven by high client activity, with a particularly notable contribution from Mexico and South America. Equity, meanwhile, once again achieves record results, supported by increased client activity across all segments, especially in the United States, Asia and the United Kingdom. In Credit, solid performance in primary markets in Europe and the United States, together with favorable secondary market dynamics in Mexico and activity in other emerging geographies, reinforces the franchise\u2019s diversified and global profile.<\/p>\n Global Transaction Banking<\/a> (GTB), for its part, begins the year with solid performance following the strong close of 2025. In the first quarter, revenues reached \u20ac749 million (+17% year-on-year), supported by strong performance in both net interest income (+16%) and fees (+18%), in a context of macro-financial volatility. At the same time, GTB maintains record levels of activity in loans, deposits and guarantees, enabling positive comparisons versus the previous year across key metrics. The business model demonstrates resilience and diversification in an uncertain macroeconomic environment, with the execution of landmark transactions in technology and energy sectors, focused on supply chain optimization. The unit also continues to maintain an efficiency ratio above industry standards.<\/p>\n Investment Banking & Finance<\/a> (IB&F) reached record levels of activity during the first quarter, with revenues of \u20ac511 million, representing a 47% increase compared to the same period of the previous year. This performance is supported by strong Corporate Lending activity in the United States, Mexico, Spain and continental Europe, as well as by the strong momentum in structured finance in both the United States and Europe. This comes despite a challenging economic backdrop and a global contraction in syndicated loan demand, which declined by 10% to its lowest level in the past two years.<\/p>\n Meanwhile, Corporate Finance continues to strengthen its positioning through the execution of landmark transactions and a clear focus on value creation through its advisory capabilities, accompanied by notable revenue growth in Spain and Mexico.<\/p>\n Strength of the model and diversified growth<\/p>\n Business performance<\/a> reflects the combination of strong segment performance and the dynamism of global activity. Revenues in the corporate segment<\/a> increased by 23% year-on-year, with particularly strong growth in TMT (+49%), energy (+46%), and infrastructure and construction (+20%). In the institutional business,<\/a> growth accelerated to 62% year-on-year, with positive performance across all sectors, exceeding 100% in Insurance (+110%) and the public sector (+126%). This was further supported by increased client activity across multiple geographies, underpinned by BBVA CIB\u2019s global presence and its ability to deliver coordinated solutions across markets.<\/p>\n Cross-border business<\/a> accounted for 36% of total CIB revenues and recorded a 26% increase. Its growth remains strong, particularly with Asian and American clients, while Mexico, Spain<\/a> and the United States<\/a> continue to consolidate their position as the main destinations for global client investment. During the quarter, Global Markets activity gained further relevance, with clients increasing their use of foreign exchange and interest rate hedging. Project Finance (+53%) also continues to gain traction, reinforcing BBVA CIB\u2019s positioning as a benchmark in this area. The Financial Institutions business (+28%) shows particularly strong growth in the United States and the United Kingdom, where BBVA continues to strengthen its positioning.<\/p>\n Sustainability as a business driver<\/p>\n Between January and March 2026, BBVA CIB channelled nearly \u20ac18 billion into sustainable business, representing a 31% increase compared to the same period of the previous year.<\/p>\n BBVA continued to promote the financing of clean technologies (\u2018cleantech\u2019)<\/a>, renewable energy projects, and solutions such as sustainability-linked confirming, among other strategic priorities.<\/p>\n During the quarter, project finance activity stood out, particularly in renewable energy, reaching \u20ac1.5 billion, with especially strong contributions from Europe and the United States.<\/p>\n Industry recognition for BBVA CIB<\/p>\n BBVA CIB continued to strengthen its market positioning with broad industry recognition in early 2026. In particular, the bank was recognized in Global Finance\u2019s World\u2019s Best Investment Banks awards<\/a> as Best Investment Bank in Spain, Mexico and Peru, as well as in Turkey (Garanti BBVA), in addition to receiving awards in Europe for its leadership in infrastructure finance. These recognitions reinforce its position as a leading global investment bank.<\/p>\n