BBVA compose again profit record in the total of the first nine months of the year. During this period, the bank gained 7.622 million euros in January, or 28% more over one year.
During the stagnant third quarter, profit amounted to 2.627 million euros, an increase of 26%, which allowed this record profit to be maintained.
With these figures, the profitability on tangible capital (ROTE) reached 20.1%, up from 17% a year ago, while return on equity (ROE) stood at 19.2% (up from 16.3%) .
As for the solvencythe CET1 capital ratio fully charged It stood at 12.84%, above the 12.73% it had at the same date last year.
For its part, the report of efficiency improved to 38.9%, a historic figure for the bank.
Margins
He interest margin from the bank reached the figure of 18.861 million euros during the first nine months of the year, or 14% more over one year, thanks, according to the entity, to the dynamism of the activity. This line is developing transversally in all areas of activity with the exception of Turkey.
THE net commissions They increased by 32% across the group, to 5,754 million euros, driven by the payment methods and asset management segments. The sum of the interest margin and net commissions, which constitute the recurring income of banking activity, reached the figure of 24.614 million euros, or 18% more compared to the same period of 2023.
Still in the chapter on income, the results of financial operations (ROF) recorded an annual growth of 146% of the cumulative account until September, to 2,930 million euros, driven by the contribution of the Global Markets unit and the positive result of currency hedging, notably of the Mexican peso .
He gross margin recorded a cumulative year-on-year increase of 29%, to €26.161 million. Meanwhile, the net marginthat is, income minus expenses, recorded an increase of 39% year-on-year and accumulated 15,972 million euros from January to September.
At the end of September, the deterioration of financial assets was 37% higher than the same period of the previous year, due, according to the bank, to the greater emphasis placed on the growth of retail products – those which had profitability the highest in recent years – , as well as the moment in the economic cycle in which certain geographic areas find themselves.
Thus, the cost of risk accumulated until September stood at 1.42%, while the default rate and coverage closed at 3.3% (the same as a year ago) and 75%, respectively.
Geographies
By country, in Spainthe results for the first nine months of the year were very positive, thanks to the increase in the interest margin (+19% year-on-year) and net commissions (+7%).
According to the bank, the control of operational expenses (which only increased by +5% year-on-year), as well as the growth of recurring revenues, enabled an improvement of 545 basis points in the profitability ratio. efficiency over the last twelve months, reaching less than 35%, and the net margin increased by 33%.
The attributable result from January to September amounted to 2,866 million euros, or 38% more than for the same period of the previous year. In the third quarter, the region once again recorded a record profit of more than 1 billion euros (1,076 million, +23% year-on-year).
In Mexicothe attributable result from January to September reached the record figure of 4.193 million euros (+6% over one year). In the third quarter, the cumulative cost of risk stood at 3.43%, the default rate at 2.72% and the coverage rate improved slightly to 121%.
In Türkiyethe attributable result amounted to 433 million euros during the first nine months, positive compared to the result of the same period of the previous year (+18.5% in current euros).
In South Americaearned 471 million euros until September, or 3.4% less than a year earlier (in current euros). Concerning risk indicators, the default rate remained practically stable compared to June at 5%.
