BBVA Group’s Net Attributable Profit Hits €3 Billion in H1 2022

Spanish multinational financial services provider, BBVA Group released its results for the first half of 2022 today. BBVA’s net attributable profit for the reported period came in at €3 billion, which is 59.3% higher compared to the same period last year.

Net interest income (NII) for H1 2022 touched €8.55 billion, which is up by 26.5% compared to H1 2021. The company’s operating income for the first half came in at €6.46 billion. BBVA Group highlighted strong growth in Mexico, Turkey and South America.

“In the second quarter of 2022, we achieved strong results thanks to the positive performance of revenues, driven by the growth in activity and a good evolution of risk indicators. These results allow us to accelerate the creation of value for our shareholders, and to be the most efficient, and one of the most profitable banks in Europe. We have helped our customers with an increase in loans in all geographies, quarter after quarter, reaching double-digit growth rates,” BBVA's CEO, Onur Genç commented.

In February 2022, BBVA announced an investment worth $300 million in a Brazilian digital bank Neon.

Regional Growth

During the reported period, BBVA witnessed solid growth in lending across different regions. In Turkey, lending in the Turkish Lira climbed by more than 54% YoY. Lending activity in Mexico increased 13.3%.

“In South America, the loan portfolio saw an increase of 12.1 percent YoY, with growth in all segments. Customer funds rose 11.8 percent. South America earned €413 million in 1H22 (+102.1 percent YoY), thanks to a good performance of recurring income and lower loan-loss provisions, which comfortably helped offset growth in operating expenses amid an environment with high inflation throughout the region. Colombia contributed €149 million; Peru earned €117 million and Argentina, €101 million,” BBVA highlighted in its report.

In April 2022, BBVA announced an investment in Leadwind Fund.