BBVA, a leading Spanish multinational financial services provider, recently released its financial results for the first three months of 2022. With a net attributable profit of €1.65 billion, BBVA saw record growth across different business segments during Q1 of 2022.
Net interest income for the reported period touched €4.16 billion, which is up by 26.3% compared to the same period last year. BBVA saw solid performance in Mexico, Turkey and South America. The Spanish giant witnessed a significant improvement in efficiency ratio in the first quarter of 2022.
Recurring revenues for the latest quarter came in at €5.4 billion, which is 23.3% higher compared to the same period last year. Gross income climbed by 21.3% YoY to €5.94 billion in Q1 of 2022.
“In the first quarter of the year, we had outstanding results, with good performance of all business units, mainly driven by the growth of our revenues due to a strong balance sheet growth and improved risk indicators. It is worth underscoring the notable improvement in profitability and efficiency, which positions BBVA in the lead among European competitors. These results reinforce our confidence in our ability to attain the goals we have set for ourselves for 2024,” BBVA's CEO, Onur Genç said.
BBVA posted consistent growth in revenues and income in 2021. To enhance its global reach, the financial services provider announced the launch of digital retail banking in Italy last year. Earlier this year, BBVA reached an agreement to invest $300 million in the Brazilian digital bank, Neon.
Operating Income
In the first quarter of 2022, BBVA’s operating income reached a record high of €3.53 billion, which is up by nearly 32% compared to the first quarter of 2021. “These solid results helped improve BBVA’s profitability, already a leader among comparable European peers, with ROTE of 15.9 percent, and ROE of 15.1 percent in the quarter,” BBVA added.
