BBVA Q1 results up 19% to €2.2Bn

Spain’s Banco Bilbao Vizcaya (BBVA), which has had a branch presence in Portugal for 26 years, closed its accounts for the first quarter of 2024 with profits of €2.2Bn, a like-for-like increase of 19% and above the €1.9Bn expected by analysts.

Spain’s second largest bank enjoyed a growth in profits of 38%. The financial margin increased 15.4% to €6.5Bn on the back of high interest rates.
Own capital profitability measured by ROE improved by 1.4% to 16.9% while he return on assets improved rose from 1,11% to 1.19%.
In 2018 BBVA clients in Portugal ceased being customers of a direct BBVA Portugal bank to becoming customers of BBVA Spain, although the bank said that “Portugal would continue to be a very important market” and that through the decision it would “ensure its sustainability and solidity in Portugal”meaning it was too costly to operate a separate operation in Portugal.