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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 6-K

REPORT OF FOREIGN ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of May, 2016

Commission file number: 1-10110

BANCO BILBAO VIZCAYA ARGENTARIA, S.A.

(Exact name of Registrant as specified in its charter)

BANK BILBAO VIZCAYA ARGENTARIA, S.A.

(Translation of Registrant’s name into English)

Calle Azul 4,

28050 Madrid

Spain

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F  x            Form 40-F  ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes  ¨            No   x

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes  ¨            No   x

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Unaudited condensed interim consolidated financial statements and management report corresponding to the three months ended March 31, 2016

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CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO THE ACCOMPANYING CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

MANAGEMENT REPORT

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Condensed Interim Consolidated balance sheets as of March 31, 2016 and December 31, 2015.

The accompanying Notes 1 to 10 are an integral part of the condensed interim consolidated balance sheet as of March 31, 2016.

Millions of Euros March December ASSETS 2016 2015 (*) CASH AND BALANCES WITH CENTRAL BANKS 39,315 43,467 FINANCIAL ASSETS HELD FOR TRADING 81,706 78,326 OTHER FINANCIAL ASSETS DESIGNATED AT FAIR VALUE THROUGH PROFIT OR LOSS 2,281 2,311 AVAILABLE FOR SALE FINANCIAL ASSETS 92,476 113,426 LOANS AND RECEIVABLES 453,325 457,644 HELD TO MATURITY INVESTMENTS 17,504 HEDGES OF INTEREST RATE RISK 90 45 HEDGING DERIVATIVES 3,535 3,538 NON CURRENT ASSETS HELD FOR SALE 3,108 3,369 EQUITY METHOD 1,179 879 INSURANCE CONTRACTS LINKED TO PENSIONS REINSURANCE ASSETS 511 511 TANGIBLE ASSETS 9,697 9,944 INTANGIBLE ASSETS 9,858 10,275 TAX ASSETS 17,691 17,779 OTHER ASSETS 8,671 8,566 TOTAL ASSETS 740,947 750,078 Millions of Euros March December LIABILITIES AND EQUITY 2016 2015 (*) FINANCIAL LIABILITIES HELD FOR TRADING 55,107 55,203 OTHER FINANCIAL LIABILITIES DESIGNATED AT FAIR VALUE THROUGH PROFIT OR LOSS 2,600 2,649 FINANCIAL LIABILITIES AT AMORTIZED COST 597,709 606,113 HEDGES OF INTEREST RATE RISK 359 358 HEDGING DERIVATIVES 3,149 2,726 SALE LIABILITIES UNDER INSURANCE CONTRACTS 9,379 9,407 PROVISIONS 8,521 8,852 TAX LIABILITIES 4,958 4,721 OTHER LIABILITIES 4,650 4,610 TOTAL LIABILITIES 686,431 694,638 STOCKHOLDERS’ FUNDS 50,555 50,639 Common Stock 3,120 3,120 Share premium 23,992 23,992 Reserves 23,771 22,512 Other equity instruments 21 35 Less: Treasury stock (179) (309) Income attributed to the parent company 709 2,642 Less: Dividends and remuneration (878) (1,352) VALUATION ADJUSTMENTS (4,171) (3,349) NON CONTROLLING INTEREST 8,132 8,149 TOTAL EQUITY 54,516 55,439 TOTAL LIABILITIES AND EQUITY 740,947 750,078 MEMORANDUM ITEM CONTINGENT RISKS 50,147 49,876 CONTINGENT COMMITMENTS 124,285 135,733

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Condensed Interim Consolidated income statements for the three months ended March 31, 2016 and 2015

The accompanying Notes 1 to 10 are an integral part of the consolidated income statement corresponding to the three months ended March 31, 2016.

Millions of Euros March March 2016 2015 (*) INTEREST AND SIMILAR INCOME 6,859 5,197 INTEREST AND SIMILAR EXPENSES (2,707) (1,744) NET INTEREST INCOME 4,152 3,453 DIVIDEND INCOME 45 42 SHARE OF PROFIT OR LOSS OF ENTITIES ACCOUNTED FOR USING THE EQUITY METHOD 7 88 FEE AND COMMISSION INCOME 1,634 1,359 FEE AND COMMISSION EXPENSES (473) (332) NET GAINS (LOSSES) ON FINANCIAL ASSETS AND LIABILITIES 55 443 EXCHANGE DIFFERENCES (NET) 302 347 OTHER OPERATING INCOME 1,326 1,188 OTHER OPERATING EXPENSES (1,259) (1,119) GROSS INCOME 5,788 5,469 ADMINISTRATION COSTS (2,830) (2,385) DEPRECIATION AND AMORTIZATION (344) (282) PROVISIONS (NET) (181) (228) IMPAIRMENT LOSSES ON FINANCIAL ASSETS (NET) (1,033) (1,086) NET OPERATING INCOME 1,400 1,487 IMPAIRMENT LOSSES ON OTHER ASSETS (NET) (44) (52) GAINS (LOSSES) ON DERECOGNIZED ASSETS NOT CLASSIFIED AS NON CURRENT ASSETS HELD FOR SALE 18 30 NEGATIVE GOODWILL GAINS (LOSSES) IN NON CURRENT ASSETS HELD FOR SALE NOT CLASSIFIED AS DISCONTINUED OPERATIONS (36) 693 OPERATING PROFIT BEFORE TAX 1,338 2,159 INCOME TAX (362) (520) PROFIT FROM CONTINUING OPERATIONS 976 1,639 PROFIT FROM DISCONTINUED OPERATIONS (NET) PROFIT 976 1,639 Profit attributable to parent company 709 1,536 Profit attributable to non controlling interests 266 103 March March 2016 2015 (*) EARNINGS PER SHARE 0.10 0.23 Basic earnings per share from continued operations 0.10 0.23 Diluted earnings per share from continued operations 0.10 0.23 Basic earnings per share from discontinued operations Diluted earnings per share from discontinued operations

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Condensed Interim Consolidated statements of recognized income and expenses for the three months ended March 31, 2016 and 2015

The accompanying Notes 1 to 10 are an integral part of the condensed interim consolidated statement of recognized income and expenses for the three months ended March 31, 2016.

Millions of Euros March March 2016 2015 (*) PROFIT RECOGNIZED IN INCOME STATEMENT 976 1,639 OTHER RECOGNIZED INCOME (EXPENSES) (893) (64) ITEMS NOT SUBJECT TO RECLASSIFICATION TO INCOME STATEMENT 11 (18) Actuarial gains and losses from defined benefit pension plans 19 (26) Non current assets available for sale Entities under the equity method of accounting Income tax related to items not subject to reclassification to income statement (8) 8 ITEMS SUBJECT TO RECLASSIFICATION TO INCOME STATEMENT (904) (46) Available for sale financial assets 295 333 Valuation gains/(losses) 433 1,448 Amounts reclassified to income statement (138) (1,118) Reclassifications (other) 3 Cash flow hedging (57) (175) Valuation gains/(losses) (56) (175) Amounts reclassified to income statement (1) Amounts reclassified to the initial carrying amount of the hedged items Reclassifications (other) Hedging of net investment in foreign transactions (103) (399) Valuation gains/(losses) (103) (399) Amounts reclassified to income statement Reclassifications (other) Exchange differences (965) 194 Valuation gains/(losses) (965) 194 Amounts reclassified to income statement Reclassifications (other) Non current assets held for sale Valuation gains/(losses) Amounts reclassified to income statement Reclassifications (other) Entities accounted for using the equity method (4) (46) Valuation gains/(losses) (6) (46) Amounts reclassified to income statement 2 Reclassifications (other) Rest of recognized income and expenses Income tax (70) 47 TOTAL RECOGNIZED INCOME/EXPENSES 83 1,575 Attributable to the parent company (113) 2,212 Attributable to non controlling interest 196 (637)

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Condensed Interim Consolidated statements of changes in equity for the three months ended March 31, 2016 and 2015

The accompanying Notes 1 to 10 are an integral part of the condensed interim consolidated statement of changes in equity for the three months ended March 31, 2016.

Millions of Euros Total Equity Attributed to the Parent Company Stockholders’ Funds Reserves Non Total Valuation controlling Less: Profit for the Less: Total Common Share Reserves (Losses) Other Adjustments Total Interests Equity Reserves Treasury Year Attributed Dividends Stock Premium from Entities Equity Stockholders’ MARCH 2016 (Accumulated Stock to Parent and Remunerations Accounted for Using Instruments Funds Losses) the Equity Method Company Balances as of January 1, 2016 3,120 23,992 22,610 (98) 34 309 2,642 1,352 50,639 (3,349) 47,290 8,149 55,439 Effect of changes in accounting policies Effect of correction of errors Adjusted initial balance 3,120 23,992 22,610 (98) 34 309 2,642 1,352 50,639 (3,349) 47,290 8,149 55,439 Total income/expense recognized 709 709 (821) (112) 196 84 Other changes in equity 1,269 (11) (13) (129) (2,642) (473) (795) (795) (212) (1,007) Common stock increase Common stock reduction Conversion of financial liabilities into capital Increase of other equity instruments 5 5 5 5 Reclassification of financial liabilities to other equity instruments Reclassification of other equity instruments to financial liabilities Dividend distribution 9 (9) (879) 879 879 211 1,090 Transactions including treasury stock and other equity instruments (net) (29) (129) 100 100 100 Transfers between total equity entries 1,303 (13) (2,642) (1,352) Increase/Reduction due to business combinations Payments with equity instruments (3) (18) (21) (21) (21) Rest of increases/reductions in total equity (11) 11 (1) (1) Balances as of March 31, 2016 3,120 23,992 23,879 (109) 21 180 709 879 50,553 (4,170) 46,383 8,133 54,516 Millions of Euros Total Equity Attributed to the Parent Company Stockholders’ Funds Reserves Total Valuation Non controlling Less: Profit for the Less: Total Interests Equity Common Share Reserves (Losses) Other Adjustments Total Reserves Treasury Year Attributed Dividends (*) Stock Premium from Entities Equity Stockholders’ MARCH 2015 (Accumulated Stock to Parent and Remunerations Accounted for Using Instruments Funds Losses) the Equity Method Company Balances as of January 1, 2015 3,024 23,992 20,304 633 67 (350) 2,618 (841) 49,446 (348) 49,098 2,511 51,609 Effect of changes in accounting policies Effect of correction of errors Adjusted initial balance 3,024 23,992 20,304 633 67 (350) 2,618 (841) 49,446 (348) 49,098 2,511 51,609 Total income/expense recognized 1,536 1,536 675 2,213 (637) 1,575 Other changes in equity 26 1,327 338 (40) 339 (2,618) (8) (636) (636) (182) (818) Common stock increase 26 (26) Common stock reduction Conversion of financial liabilities into capital Increase of other equity instruments 8 8 8 8 Reclassification of financial liabilities to other equity instruments Reclassification of other equity instruments to financial liabilities Dividend distribution 6 (6) (849) (849) (849) (129) (978) Transactions including treasury stock and other equity instruments (net) 5 339 344 344 344 Transfers between total equity entries 1,433 344 (2,618) 841 Increase/Reduction due to business combinations Payments with equity instruments 2 (48) (46) (46) (46) Rest of increases/reductions in total equity (93) (93) (93) (53) (146) Balances as of March 31, 2015 3,050 23,992 21,631 971 26 (11) 1,536 (848) 50,347 327 50,675 1,692 52,366

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Condensed Interim Consolidated statements of cash flows for the three months ended March 31, 2016 and 2015

The accompanying Notes 1 to 10 are an integral part of the condensed interim consolidated statement of cash flows for the three months ended March 31, 2016.

Millions of Euros March March 2016 2015 (*) CASH FLOW FROM OPERATING ACTIVITIES (1) (2,745) (2,703) Profit for the year 976 1,639 Adjustments to obtain the cash flow from operating activities: 1,412 661 Depreciation and amortization 344 282 Other adjustments 1,068 379 Net increase/decrease in operating assets (4,771) (4,483) Financial assets held for trading (3,955) (48) Other financial assets/liabilities designated at fair value through profit or loss (20) (31) Available for sale financial assets 2,487 (227) Loans and receivables / Financial liabilities at amortized cost (3,575) (3,640) Other operating assets/liabilities 292 (537) Collection/Payments for income tax (362) (520) CASH FLOWS FROM INVESTING ACTIVITIES (2) 200 (230) Tangible assets 79 (198) Intangible assets (57) (36) Investments 39 Subsidiaries and other business units (18) (125) Non current assets held for sale and associated liabilities 157 129 Held to maturity investments Other settlements/collections related to investing activities CASH FLOWS FROM FINANCING ACTIVITIES (3) (444) 639 Dividends (588) (125) Subordinated liabilities 552 Common stock amortization/increase Treasury stock acquisition/disposal 171 341 Other items relating to financing activities (27) (129) EFFECT OF EXCHANGE RATE CHANGES (4) (1,177) (4,013) NET INCREASE/DECREASE IN CASH OR CASH EQUIVALENTS (1+2+3+4) (4,166) (6,307) CASH OR CASH EQUIVALENTS AT BEGINNING OF THE YEAR 43,466 31,430 CASH OR CASH EQUIVALENTS AT END OF THE YEAR 39,300 25,123 Millions of Euros COMPONENTS OF CASH AND EQUIVALENT AT END OF THE March March YEAR 2016 2015 (*) Cash 6,952 5,872 Balance of cash equivalent in central banks 32,348 19,251 Other financial assets Less: Bank overdraft refundable on demand TOTAL CASH OR CASH EQUIVALENTS AT END OF THE YEAR 39,300 25,123

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Notes to the condensed interim consolidated financial statements as of and for the period ended March 31, 2016

Introduction

Banco Bilbao Vizcaya Argentaria, S.A. (hereinafter “the Bank” or “BBVA”) is a private-law entity subject to the laws and regulations governing banking entities operating in Spain. It carries out its activity through branches and agencies across the country and abroad.

The Bylaws and other public information are available for inspection at the Bank’s registered address (Plaza San Nicolás, 4 Bilbao) as on its web site (www.bbva.com).

In addition to the transactions it carries out directly, the Bank heads a group of subsidiaries, joint venture and associated entities which perform a wide range of activities and which together with the Bank constitute the Banco Bilbao Vizcaya Argentaria Group (hereinafter, “the Group” or “the BBVA Group”). In addition to its own separate financial statements, the Bank is therefore required to prepare the Group’s consolidated financial statements.

The consolidated financial statements of the BBVA Group for the year ended December 31, 2015 were approved by the shareholders at the Annual General Meeting (“AGM”) on March 11, 2016.

Basis for the presentation of the condensed interim consolidated financial statements

The BBVA Group’s unaudited condensed interim consolidated financial statements (hereinafter, the “consolidated financial statements”) are presented in accordance with the International Accounting Standard 34 (“IAS 34”), on interim financial information for the preparation of financial statements for an interim period and have been presented to the Board of Directors at its meeting held on April 27, 2016. According to IAS 34, the interim financial information is prepared solely with the purpose of updating the last prepared consolidated financial statements, focusing on new activities, events and circumstances that occurred during the period without duplicating the information previously published in the last consolidated financial statements. Therefore, the accompanying consolidated financial statements do not include all information required by a complete consolidated financial statements prepared in accordance with International Financial Reporting Standards, consequently for an appropriate understanding of the information included in them, they should be read together with the consolidated financial statements of the Group for the year ended December 31, 2015. The consolidated financial statements of the Group for the year ended December 31, 2015 were presented in accordance with the International Financial Reporting Standards endorsed by the European Union (hereinafter, “EU-IFRS”) applicable as of December 31 2015, considering the Bank of Spain Circular 4/2004, of 22 December (and as amended thereafter), and with any other legislation governing financial reporting applicable to the Group.

The accompanying consolidated financial statements were prepared applying the same principles of consolidation, accounting policies and valuation criteria, which as described in Note 2, are the same as those applied in the consolidated financial statements of the Group for the year ended December 31, 2015, taking into account the standards and interpretations issued during the first quarter of 2016, so that they presented fairly the Group’s consolidated equity and financial position of the Group as of March 31, 2016, together with the consolidated results of its operations and the consolidated cash flows generated in the Group during the three months ended March 31, 2016. These consolidated financial statements and explanatory notes were prepared on the basis of the accounting records kept by the Bank and each of the other entities in the Group, they include the adjustments and reclassifications required to harmonize the accounting policies and valuation criteria used by the Group.

All effective accounting standards and valuation criteria with a significant effect in the consolidated financial statements were applied in their preparation.

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The amounts reflected in the accompanying consolidated financial statements are presented in millions of euros, unless it is more appropriate to use smaller units. Some items that appear without a total in these consolidated financial statements do so because of the size of the units used. Also, in presenting amounts in millions of euros, the accounting balances have been rounded up or down. It is therefore possible that the totals appearing in some tables are not the exact arithmetical sum of their component figures.

When determining the information to disclose about various items of the financial statements, the Group, in accordance with IAS 34, has taken into account their materiality in relation to the interim consolidated financial statements.

Comparative information

The information included in the accompanying consolidated financial statements and the explanatory notes referring to December 31, 2015 and March 31, 2015 is presented exclusively for the purpose of comparison with the information for March 31, 2016.

In the first quarter of 2016, the BBVA Group operating segments have not changed with regard to the existing structure in 2015 (See Note 5).

Seasonal nature of income and expenses

The nature of the most significant operations carried out by the BBVA Group’s entities is mainly related to traditional activities carried out by financial institutions, which are not significantly affected by seasonal factors.

Responsibility for the information and for the estimates made

The information contained in the BBVA Group’s consolidated financial statements is the responsibility of the Group’s Directors.

Estimates have to be made at times when preparing these consolidated financial statements in order to calculate the recorded amount of some assets, liabilities, income, expenses and commitments. These estimates (see Notes 6, 7, 8 and 9) relate mainly to the following:

Although these estimates were made on the basis of the best information available as of March 31, 2016 on the events analyzed, future events may make it necessary to modify them (either up or down) over the coming years. This would be done prospectively in accordance with applicable standards, recognizing the effects of changes in the estimates in the corresponding consolidated income statement.

During the three months ended March 31, 2016 there have been no significant changes to the assumptions made as of December 31, 2015, other than those indicated in these consolidated financial statements.

Related-party transactions

The information related to these transactions is presented in Note 52 of consolidated financial statements of the Group for the year ended December 31, 2015.

As financial institutions, BBVA and other entities in the Group engage in transactions with related parties in the normal course of their business. All of these transactions are of little relevance and are carried out under normal market conditions.

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The accounting policies and methods applied for the preparation of the accompanying consolidated financial statements are the same as those applied in the 2015 consolidated financial statements (see Note 2).

Recent IFRS pronouncements

Changes introduced in 2016

The following modifications to the IFRS standards or their interpretations (hereinafter “IFRIC”) came into force after January 1, 2016. They have not had a significant impact on the BBVA Group’s consolidated financial statements corresponding to the period ended March 31, 2016.

Amended IFRS 11 - “Joint Arrangements”

The amendments made to IFRS 11 require the acquirer of an interest in a joint operation in which the activity constitutes a business to apply all of the principles on business combinations accounting in IFRS 3 and other IFRSs.

Amended IAS 16 - “Property, Plant and Equipment” and Amended IAS 38 – “Intangible Assets”.

The amendments made to IAS 16 and IAS 38 exclude, as general rule, as depreciation method to be used, those methods based on revenue that is generated by an activity that includes the use of an asset, because the revenue generated by an activity that includes the use of an asset generally reflects factors other than the consumption of the economic benefits of the asset.

Amended IAS 27 – “Separate financial statements”

Changes to IAS 27 allow entities to use the equity method to account for investment in subsidiaries, joint ventures and associates, in their separate financial statements.

Annual improvements cycle to IFRSs 2012-2014

The annual improvements cycle to IFRSs 2012-2014 includes minor changes and clarifications to IFRS 5 – Non current assets held for sale and discontinued operations, IFRS 7 – Financial instruments: Information to disclose, IAS 19 – Employee benefits and IAS 34 – interim financial information.

Amended IAS 1 – Presentation of Financial Statements

The amendments made to IAS 1 further encourage companies to apply professional judgment in determining what information to disclose in their financial statements, in determining when line items are disaggregated and additional headings and subtotals included in the statement of financial position and the statement of profit or loss and other comprehensive income, and in determining where and in what order information is presented in the financial disclosures.

Amended IFRS 10—“Consolidated Financial Statements”, Amended IFRS 12 – “Disclosure of interests in other entities” and Amended IAS 28 – “Investments in Associates and Joint Ventures”

The amendments to IFRS 10, IFRS 12 and IAS 28 introduce clarifications to the requirements when accounting for investment entities in three aspects:

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Standards and interpretations issued but not yet effective as of March 31, 2016

New International Financial Reporting Standards together with their interpretations had been published at the date of preparation of the accompanying consolidated financial statements, but are not obligatory as of March, 2016.

IFRS 9 - “Financial instruments”

The IASB has established January 1, 2018, as the mandatory application date, with the possibility of early adoption.

Amended IFRS 7 - “Financial instruments: Disclosures”

The IASB modified IFRS 7 in December 2011 to include new disclosures on financial instruments that entities will have to provide as soon as they apply IFRS 9 for the first time.

IFRS 15 - “Revenue from contracts with customers”

This Standard will be applied to the accounting years starting on or after January 1, 2018, although early adoption is permitted.

Amended IFRS 10 – “Consolidated financial statements” and IAS 28 amended

These changes will be applicable to accounting periods beginning on the effective date, still to be determined, although early adoption is allowed.

.IAS 12 – “Income Taxes. Recognition of Deferred Tax Assets for Unrealized Losses”

These modifications will be applied to the accounting periods beginning on or after January 1, 2017, although early application is permitted.

IFRS 16 – “Leases”

The standard will be applied to the accounting years starting on or after January 1, 2019, although early application is permitted if IFRS 15 is also applied.

IAS 7 – “Statement of Cash Flows. Disclosure Initiative”

These modifications will be applied to the accounting periods beginning on or after January 1, 2017, although early application is permitted.

The BBVA Group is an international diversified financial group with a significant presence in retail banking, wholesale banking, asset management and private banking. The Group also operates in other sectors such as insurance, real estate, operational leasing, etc.

Appendices I and II of the 2015 consolidated financial statements show relevant information as of December 31, 2015 related to the main subsidiaries and structured entities and joint ventures and associates accounted for using the equity method. Appendix III of the 2015 consolidated financial statements show the main changes and notification of investments and divestments in the BBVA Group in 2015. Appendix IV show fully consolidated subsidiaries with more than 10% owned by non-Group shareholders as of December 31, 2015.

The BBVA Group’s activities are mainly located in Spain, Mexico, South America, the United States and Turkey, with an active presence in other areas of Europe and Asia (see Note 5). There have been no significant variations in the Group during the first quarter of 2016.

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Ongoing operations

Mergers

The BBVA Group, at its Board of Directors meeting held on March 31, 2016, adopted a resolution to begin a merger process of BBVA S.A. (absorbing company), Catalunya Banc, S.A., Banco Depositario BBVA, S.A. y Unoe Bank, S.A. This transaction is part of the corporate reorganization of its banking subsidiaries in Spain.

These transactions have no impact in the consolidated financial statements both from the accounting and the solvency stand points. The BBVA Group owns 99.05% of the share capital of Catalunya Banc, S.A. and 100% of the Banco Depositario BBVA, S.A and Unoe Bank, S.A.

In April, 2016, a capital increase was executed to implement the Dividend Option, charged to voluntary reserves as agreed by the AGM held on March 11, 2016. As a result of this increase, the Bank’s common stock increased by €55,702,125.43 (113,677,807 shares at a €0.49 par value each). 82.13% of shareholders have opted to receive new BBVA ordinary shares. The other 17.87% of the right owners opted to sell the rights assigned to them to BBVA, and as a result, BBVA acquired 1,137,500,965 rights for a total amount of €146,737,624.49; said shareholders were paid in cash at a gross fixed price of €0.129 per right.

At the Board of Directors meeting held on December 22, 2015, the Board of Directors approved the distribution in cash, as gross interim dividend against 2015 results, of 0.08 (0.0648 withholding tax) for each of all current issued shares. The dividend was paid on January 12, 2016.

The information about operating segments is provided in accordance with IFRS 8. Operating segment reporting represents a basic tool in the oversight and management of the BBVA Group’s various activities. The BBVA Group compiles reporting information on as disaggregated level as possible, and all data relating to the businesses these units manage is recognized in full. These minimum level units are then aggregated in accordance with the organizational structure determined by the BBVA Group management into higher level units and, ultimately, the reportable segments themselves.

During 2016, there have not been significant changes in the reporting structure of the operating segments of the BBVA Group with regard to the existing structure at the end of 2015. The structure of the operating segment is as follows:

It mainly combines loans to real-estate developers and foreclosed real estate assets.

Includes the stake in Garanti Group.

Comprising of the banking, real estate activity and insurance businesses. The banking business includes retail business through its Commercial Banking, Consumer Finance and Corporate and Institutional Banking units; and wholesale banking through CIB.

Encompasses the Group’s businesses in the United States.

Includes the banking and insurance businesses that BBVA carries out in the region.

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Includes the business carried out in the rest of Europe and Asia, i.e. the retail and wholesale businesses of the BBVA Group in the area.

Finally, Corporate Center is an aggregate that contains the remainder of the items that have not been allocated to the operating segments, as it basically corresponds to the Group’s holding function. It groups together the costs of the headquarters that have a corporate function; management of structural exchange-rate positions; specific issues of capital instruments to ensure adequate management of the Group’s global solvency; portfolios and their corresponding results, whose management is not linked to customer relations, such as industrial holdings; certain tax assets and liabilities; funds due to commitments with pensioners; goodwill and other intangibles; and the results of certain corporate transactions.

The breakdown of the BBVA Group’s total assets by operating segments as of March 31, 2016 and December 31. 2015, is as follows:

The profit and main earning figures in the consolidated income statements for the three months ended March 31, 2016 and 2015 by operating segments are as follows:

Millions of Euros March December Total Assets by Operating Segments 2016 2015 (*) Banking Activity in Spain 336,131 339,775 Real Estate Activity in Spain 16,618 17,122 Turkey 91,332 89,003 Rest of Eurasia 23,636 23,469 Mexico 96,263 99,594 South America 68,714 70,661 United States 85,846 86,454 Subtotal Assets by Operating Segments 718,540 726,079 Corporate Center and other adjustments 22,407 23,999 Total Assets BBVA Group 740,947 750,078
Millions of Euros Operating Segments Real Estate Main Margins and Profits by Rest of South Corporate BBVA Group Spain Activity in Turkey Mexico United States Adjusments (2) Operating Segments Eurasia America Center Spain March 2016 Net interest income 4,152 955 26 775 43 1,290 717 478 (132) Gross income 5,788 1,560 12 977 112 1,654 985 667 (180) Net operating income (1) 2,614 658 (20) 554 27 1,055 524 210 (394) Operating profit /(loss) before tax 1,338 342 (148) 424 27 652 375 75 (410) Profit 709 234 (113) 133 18 489 182 49 (282) March 2015 (*) Net interest income 3,453 966 (9) 210 43 1,339 802 434 (124) (210) Gross income 5,469 1,787 (51) 250 161 1,755 1,159 648 (77) (163) Net operating income (1) 2,802 1,023 (79) 140 71 1,106 656 217 (278) (55) Operating profit /(loss) before tax 2,159 438 (221) 107 53 695 469 185 (284) 717 Profit 1,536 307 (154) 86 34 525 227 131 381

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The principles and risk management policies, as well as tools and procedures established and implemented in the Group as of March 31, 2016 do not differ significantly from those included in the consolidated financial statements for the year ended December 31, 2015 (see Note 7).

The table below shows the evolution of the main items related to the credit risk of the Group as of March 31, 2016 and 31 December 2015. Balances are presented gross and excluding any valuation adjustments or impairment losses, or the risk of derivatives detailed in Note 8:

Millions of euros March December Maximum Credit Risk Exposure 2016 2015 Financial assets held for trading 37,847 37,424 Debt securities 33,448 32,826 Equity instruments 4,315 4,534 Customer lending 85 65 Other financial assets designated at fair value through profit or loss 2,281 2,311 Loans and advances to credit institutions 62 62 Debt securities 176 173 Equity instruments 2,043 2,075 Available for sale financial assets 92,754 113,710 Debt securities 87,730 108,448 Government 63,515 81,579 Credit institutions 5,518 8,069 Other sectors 18,697 18,800 Equity instruments 5,023 5,262 Loans and receivables 471,444 476,396 Loans and advances to credit institutions 31,615 33,014 Loans and advances to customers 428,515 432,856 Of which: Mortgage loans 142,360 144,203 Secured loans, except mortgage 59,340 57,041 Debt securities 11,315 10,526 Held to maturity investments 17,504 Government 15,785 Credit institutions 1,504 Other sectors 215 Derivatives (trading and hedging) 53,164 49,350 Total Financial Assets Risk 674,993 679,193 Total Contingent Risks and Commitments 174,432 185,609 Total Maximum Credit Exposure 849,425 864,802

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The table below shows the composition of the impaired financial assets and risks as of March 31, 2016 and December 31, 2015, broken down by heading in the accompanying consolidated balance sheet:

Below is presented the change in the impaired financial assets in the period of three months ended March 31, 2016 and 2015:

Millions of euros Impaired Risks. March December Breakdown by Type of Asset and by Sector 2016 2015 Asset Instruments Impaired Available for sale financial assets 129 76 Debt securities 129 76 Loans and receivables 24,857 25,363 Loans and advances to credit institutions 27 25 Loans and advances to customers 24,826 25,333 Debt securities 45 Total Asset Instruments Impaired 24,986 25,439 Contingent Risks Impaired 647 664 Total impaired risks 25,633 26,103
Millions of Euros March December Changes in Impaired Financial Assets and Contingent Risks 2016 2015 Balance at the beginning 26,103 23,234 Additions 2,523 14,872 Decreases (*) (1,571) (6,720) Net additions 952 8,152 Amounts written off (1,401) (4,989) Exchange differences and other (21) (295) Balance at the end 25,633 26,103

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Below is a breakdown of the impairment losses and provisions for contingent risks recognized on the accompanying consolidated balance sheets to cover estimated impairment losses as of March 31, 2016 and December 31, 2015, broken down by heading in the accompanying consolidated balance sheet:

Below are the changes in the period of three months ended March 31, 2016 and 2015, in the estimated impairment losses:

The criteria and valuation methods used to calculate the fair value of financial assets do not differ significantly from those included in the consolidated financial statements for the year ended December 31, 2015.

During the three months ended March 31, 2016, there is no material entry due to financial instruments transfers between the different levels of measurement and the changes are due to the variations in the fair value of the financial instruments.

Millions of Euros March December Impairment Losses and Provisions for Contingent Risks 2016 2015 Available for sale portfolio 277 284 Loans and receivables 18,119 18,752 Loans and advances to customers 18,057 18,691 Loans and advances to credit institutions 53 51 Debt securities 9 10 Held to maturity investments 12 Impairment losses 18,408 19,036 Provisions to Contingent Risks and Commitments 734 714 Total 19,142 19,750
Millions of Euros March December Changes in the Impaired financial assets 2016 2015 Balance at the beginning 19,750 14,833 Increase in impairment losses charged to income 2,038 13,819 Decrease in impairment losses charged to income (846) (2,070) Transfer to written off loans, exchange differences and other (1,801) (6,831) Balance at the end 19,142 19,750

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During the first quarter of 2016, the balance sheet was affected by the negative impact of exchange rates.

Cash and balances with central banks

Financial assets and liabilities held for trading

Millions of Euros March December Cash and Balances with Central Banks 2016 2015 Cash 6,952 7,192 Balances at the Central Banks (*) 31,136 36,126 Reverse repurchase agreements 1,227 149 Total Assets 39,315 43,467 Deposits from Central Banks (*) 20,881 21,022 Repurchase agreements 15,200 19,065 Total Liabilities 36,081 40,087
Millions of Euros March December Financial Assets and Liabilities Held for Trading 2016 2015 Loans and advances to customers 85 65 Debt securities 33,448 32,825 Equity instruments 4,315 4,534 Trading derivatives 43,858 40,902 Total Assets 81,706 78,326 Trading derivatives 44,342 42,149 Short positions 10,764 13,053 Total Liabilities 55,107 55,203
Millions of Euros Debt Securities Held for Trading March December Breakdown by issuer 2016 2015 Issued by Central Banks 141 214 Spanish government bonds 7,961 7,419 Foreign government bonds 21,981 21,821 Issued by Spanish financial institutions 193 328 Issued by foreign financial institutions 1,337 1,438 Other debt securities 1,836 1,606 Total 33,448 32,825

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Other financial assets and liabilities at fair value through profit or loss

Available-for-sale financial assets and Held-to-maturity investment

During the first quarter of 2016, the heading “Available for sale financial assets” decreased mainly due to the reclassification of certain debt securities to the heading “Held to maturity investments” in BBVA S.A. and in Garanti Group, mainly related to government debt securities.

Millions of Euros March December Other Financial Assets Designated at Fair Value through Profit or Loss 2016 2015 Loans and advances to credit institutions 62 62 Debt securities 176 173 Unit linked products 162 163 Other securities 14 9 Equity instruments 2,043 2,075 Unit linked products 1,930 1,960 Other securities 113 115 Total Assets 2,281 2,311 Other financial liabilities 2,600 2,649 Unit linked products 2,600 2,649 Total Liabilities 2,600 2,649
Millions of Euros March December Available for Sale Financial Assets 2016 2015 Debt securities 87,730 108,448 Impairment losses (112) (139) Subtotal 87,618 108,310 Equity instruments 5,023 5,262 Impairment losses (165) (146) Subtotal 4,858 5,116 Total 92,476 113,426
Millions of Euros March December Available for Sale Financial Assets. Debt securities 2016 2015 Debt securities Issue by Central Banks 2,054 2,273 Spanish government bonds 31,434 40,394 Foreign government bonds 30,027 38,913 Issue by credit institutions 5,519 8,069 Resident 1,610 2,789 Non resident 3,908 5,279 Other debt securities 17,509 18,150 Resident 1,578 2,074 Non resident 15,930 16,076 Total gross 86,542 107,798 Impairment losses (112) (139) Accruals and adjustments for hedging derivatives 1,189 650 Total 87,618 108,310

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At the time of the reclassification, the nominal value of these securities amounted to €15,764 million and the losses recognized under the heading “Valuation adjustments – Available for sale” were €521 million. The fair value carrying amount of these financial asset on the date of the reclasification becomes its new amortised cost. The previous gain on that asset that has been recognised in “Valuation Adjustments – Available for sale financial assets” shall be amortised to profit or loss over the remaining life of the held-to-maturity investment using the effective interest method. Any difference between the new amortised cost and maturity amount shall also be amortised over the remaining life of the financial asset using the effective interest method, similar to the amortisation of a premium and a discount. This reclassification has triggered by a change in the Group’s strategy regarding the management of these securities.

Loans and receivables

The heading “Loans and receivables – Loans and advances to customers” in the accompanying consolidated balance sheets also includes certain secured loans that pursuant to the Mortgage Market Act, are linked to long-term mortgage-covered bonds. This heading also includes some loans that have been securitized. The balances recognized in the accompanying consolidated balance sheets as of March 31, 2016 and December 31, 2015 amounted to €31.710 million and €32.621 million, respectively.

Millions of euros March December Loans and receivables 2016 2015 Loans and advances to credit institutions 31,561 32,962 Loans and advances to customers 410,458 414,165 Mortgage secured loans 142,360 144,203 Other loans secured with security interest 59,340 57,041 Unsecured loans 135,168 137,322 Credit lines 13,784 13,758 Commercial credit 12,117 13,434 Receivable on demand and other 9,300 9,226 Credit cards 14,751 15,360 Finance leases 8,939 9,032 Reverse repurchase agreements 4,530 5,036 Financial paper 1,023 1,063 Impaired assets 24,826 25,333 Total gross 426,138 430,808 Valuation adjustments (15,681) (16,643) Impairment losses (18,057) (18,691) Hedging derivatives and others 1,369 1,199 Rest of valuation adjustments 1,007 849 Debt securities 11,306 10,516 Total 453,325 457,644

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Held to maturity investments

During the first quarter of 2016 certain debt securities were reclassified from the heading of “Available for sale assets” to the heading “Held to maturity investments”.

Non-current assets held for sale

Investments in entities accounted for using the equity method

Millions of Euros March Held to Maturity Investments 2016 Domestic Debt Securities Spanish Government and other government agency debt securities 7,515 Other Domestic Securities 696 Credit institutions 549 Other resident 159 Valuation adjustments (12) Subtotal 8,211 Foreign Debt Securities Government and other government agency debt securities 8,270 Others securities 1,023 Credit institutions 955 Other non resident 68 Subtotal 9,293 Total 17,504
Millions of Euros March December Non Current Assets Held for Sale and Liabilities Associated 2016 2015 Foreclosures and recoveries 3,944 3,991 Other assets from: 426 706 Business sale Assets 36 37 Accrued amortization (*) (59) (80) Impairment losses (1,239) (1,285) Total Non Current Assets Held for Sale 3,108 3,369
Millions of Euros March December Investments in Entities Accounted for Using the Equity Method 2016 2015 Associates entities 982 636 Joint ventures 197 243 Total 1,179 879

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The increase is mainly due to two capital increases in Metrovacesa, S.A. executed through a debt swap and sale of real-estate assets in January, 2016.

Tangible assets

Intangible assets

Millions of euros Tangible Assets. Breakdown by Type of Asset March December Cost Value, Amortizations and impairments 2016 2015 Property, plants and equipment For own use Land and Buildings 5,819 5,860 Work in Progress 383 545 Furniture, Fixtures and Vehicles 7,427 7,628 Accumulated depreciation (5,648) (5,654) Impairment (353) (354) Subtotal 7,628 8,021 Assets leased out under an operating lease Assets leased out under an operating lease 910 668 Accumulated depreciation (225) (202) Impairment (11) (10) Subtotal 675 456 Subtotal 8,303 8,477 Investment properties Building rental 1,937 2,013 Other 348 378 Accumulated depreciation (117) (116) Impairment (774) (808) Subtotal 1,394 1,467 Total 9,697 9,944
Millions of Euros March December Intangible Assets. 2016 2015 Goodwill 6,556 6,811 Other intangible assets 3,301 3,464 Total 9,858 10,275

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Tax assets and liabilities

Pursuant to current legislation, the BBVA Consolidated Tax Group includes the Bank (as the parent company) and its Spanish subsidiaries that meet the requirements provided for under Spanish legislation regulating the taxation regime for the consolidated profit of corporate groups.

The Group’s non-Spanish other banks and subsidiaries file tax returns in accordance with the tax legislation in force in each country.

According to IAS 34, income tax expense is recognized in each interim period based on the Group’s best estimate of the weighted average annual income tax rate expected for the full financial year.

The balance under the heading “Tax assets” in the accompanying consolidated balance sheets includes deferred tax assets. The balance under the “Tax liabilities” heading includes to the Group’s various deferred tax liabilities.

Other assets and liabilities

Millions of Euros March December Tax assets and liabilities 2016 2015 Tax assets 17,691 17,779 Current 1,650 1,901 Deferred (*) 16,041 15,878 Tax Liabilities 4,958 4,721 Current 1,430 1,238 Deferred 3,529 3,483
Millions of Euros March December Other assets and liabilities. Breakdown by nature 2016 2015 Inventories 4,213 4,303 Real estate companies 4,035 4,172 Others 178 131 Transactions in progress 171 148 Accruals 1,183 804 Unaccrued prepaid expenses 936 558 Other prepayments and accrued income 247 246 Other items 3,104 3,311 Total Assets 8,671 8,566 Transactions in progress 100 52 Accruals 2,275 2,609 Unpaid accrued expenses 1,669 2,009 Other accrued expenses and deferred income 606 600 Other items 2,275 1,949 Total Liabilities 4,650 4,610

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Financial liabilities at amortized cost

Deposits from credit institutions

Customer deposits

Millions of Euros March December Financial Liabilities at Amortized Cost 2016 2015 Deposits from Central Banks 36,081 40,087 Deposits from Credit Institutions 64,314 68,543 Customer deposits 408,971 403,069 Debt certificates 59,154 66,165 Subordinated liabilities 15,917 16,109 Other financial liabilities 13,272 12,141 Total 597,709 606,113
Millions of euros March December Deposits from credit institutions 2016 2015 Reciprocal accounts 233 160 Deposits with agreed maturity 36,794 37,859 Demand deposits 4,776 4,121 Other accounts 156 149 Repurchase agreements 22,151 26,069 Subtotal 64,110 68,358 Accrued interest until expiration 204 185 Total 64,314 68,543
Millions of euros March December Customer deposits 2016 2015 Government and other government agencies 33,191 25,343 Of which: Repurchase agreements 2,558 7,556 Current accounts 107,801 112,273 Savings accounts 79,662 82,975 Fixed term deposits 167,117 165,125 Repurchase agreements 19,473 15,711 Other accounts 715 811 Accrued interests 1,011 831 Total 408,971 403,069 Of which: In Euros 207,394 202,982 In foreign currency 201,577 200,087 Of which: Deposits from other creditors without valuation adjustment 408,254 402,400 Accrued interests 717 669

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Debt certificates (including bonds)

During the first quarter of 2016, BBVA, S.A.and Catalunya Banc amortized €4,500 million and €1,750 million of mortgage bonds respectively. BBVA SA issued €1,250 million of mortgage bonds, in the same period.

Subordinated liabilities

Millions of Euros March December Debt Certificates 2016 2015 Promissory notes and bills In euros 557 456 In other currencies 218 192 Subtotal 775 648 Bonds and debentures issued In euros Non convertible bonds and debentures 9,544 9,764 Mortgage Covered bonds 23,894 28,740 Hybrid financial instruments 425 384 Securitization bonds realized by the Group 3,758 4,580 Accrued interest and others (*) 1,111 1,425 In foreign currency Non convertible bonds and debentures 14,198 14,793 Mortgage Covered bonds 146 146 Hybrid financial instruments 2,208 2,392 Securitization bonds realized by the Group 2,837 3,039 Accrued interest and others (*) 259 254 Subtotal 58,379 65,517 Total 59,154 66,165
Millions of euros March December Subordinated Liabilities 2016 2015 Convertible 4,377 4,439 Convertible perpetual securities 4,377 4,439 Convertible subordinated debt Non convertible 10,856 11,144 Preferred Stock 957 974 Other subordinated liabilities 9,899 10,170 Subtotal 15,233 15,583 Valuation adjustments (*) 683 526 Total 15,917 16,109

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Other subordinated liabilities

Liabilities under insurance contracts

Provisions

Pension and other post-employment commitments

Employees are covered by defined contribution plans in practically all of the countries in which the Group operates, with the plans in Spain and Mexico being the most significant. Most defined benefit plans are closed to new employees and with liabilities relating largely to inactive employees, the most significant being those in Spain, Mexico, the United States and Turkey. In Mexico, the Group provides post-retirement medical benefits to a closed group of employees and their family members.

Millions of Euros March December Other financial liabilities 2016 2015 Creditors for other financial liabilities 4,165 3,303 Collection accounts 2,553 2,369 Creditors for other payment obligations 6,554 5,960 Dividend payable but pending payment (Note 4) 509 Total 13,272 12,141
Millions of Euros Liabilities under Insurance Contracts March December Technical Reserve and Provisions 2016 2015 Mathematical reserves 8,014 8,101 Provision for unpaid claims reported 684 697 Provisions for unexpired risks and other provisions 681 609 Total 9,379 9,407
Millions of Euros March December Provisions. Breakdown by concepts 2016 2015 Provisions for pensions and similar obligations 6,001 6,299 Provisions for taxes and other legal contingencies 619 370 Provisions for contingent risks and commitments 734 714 Other provisions (*) 1,167 1,469 Total 8,521 8,852

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The amounts relating to post-employment benefits charged to the profit and loss account and other comprehensive income for the three months ended March 31, 2016 and 2015 are as follows:

Common stock

As of March 31, 2016, BBVA’s share capital amounted to €3,119,673,257.82 divided into 6,366,680,118 shares. As a result of the increase carried out on April, 2015, due to the execution of the first of the capital increase described in Note 4, BBVA’s share capital, at the date of preparation of these consolidated financial statements, amounted to €3,175,375,383.25 divided into 6,480,357,925 fully subscribed and paid-up registered shares, all of the same class and series, at €0.49 par value each, represented through book-entry accounts. All of the Bank shares carry the same voting and dividend rights, and no single stockholder enjoys special voting rights. Each and every share is part of the Bank’s common stock.

Reserves

Valuation adjustments

Millions of Euros March March Consolidated Income Statement Impact 2016 2015 Interest and similar expenses (*) 30 33 Personnel expenses 42 42 Defined contribution plan expense 24 22 Defined benefit plan expense 18 20 Provisions (net) 70 152 Total impact on Income Statement: Debit (Credit) 142 227
Millions of Euros March December 2016 2015 (*) Accumulated reserves (losses) 23,880 22,610 Reserves (losses) of entities accounted for using the equity method (110) (98) Total 23,771 22,512
Millions of Euros March December Valuation Adjustments 2016 2015 Available for sale financial assets 1,827 1,674 Cash flow hedging (73) (49) Hedging of net investments in foreign transactions (387) (274) Exchange differences (4,750) (3,905) Non current assets held for sale Entities accounted for using the equity method 60 64 Other valuation adjustments (Remeasurements) (849) (859) Total (4,171) (3,349)

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Non-controlling interests

Contingent risks and commitments

Millions of euros March December Non Controlling Interest 2016 2015 BBVA Colombia Group 56 58 BBVA Chile Group 310 314 BBVA Banco Continental Group 849 913 BBVA Banco Provincial Group 87 100 BBVA Banco Francés Group 203 220 Garanti Group 6,545 6,460 Other companies 83 85 Total 8,132 8,149
Millions of Euros March March Profit attributable to Non Controlling Interests 2016 2015 BBVA Colombia Group 2 3 BBVA Chile Group 6 11 BBVA Banco Continental Group 44 52 BBVA Banco Provincial Group (8) 12 BBVA Banco Francés Group 19 18 Garanti Group 203 Other companies 1 7 Total 266 103
Millions of euros March December Contingent Risks and Commitments 2016 2015 Contingent Risks Collateral, bank guarantees and indemnities 40,474 39,971 Rediscounts, endorsements and acceptances 586 538 Letter of credit and others 9,086 9,367 Total Contingent Risks 50,147 49,876 Contingent Commitments Balances drawable by third parties: 110,796 123,620 Credit institutions 866 921 Government and other government agencies 2,416 2,570 Other resident sectors 27,035 27,334 Non resident sector 80,479 92,795 Other contingent liabilities 13,489 12,113 Total Contingent Commitments 124,285 135,733 Total contingent risks and contingent commitments 174,432 185,609

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Off-balance sheet customer funds

During 2015, the following events took place: acquisition of Catalunya Banc (second quarter), the consolidation of Garanti from the date of effective control (third quarter) and the negative impact of exchange rates. These effects impact all the income statement lines of the Group.

Interest income and expense and similar items

Interest and similar income

Millions of Euros March December Off Balance Sheet Customer Funds by Type 2016 2015 Investment companies and mutual funds 53,147 54,419 Pension funds 31,410 31,542 Customer portfolios managed on a discretionary basis 42,907 42,074 Other resources 3,611 3,786 Total 131,076 131,822
Millions of Euros March March Interest and Similar Income. Breakdown by Origin. 2016 2015 Central Banks 48 31 Loans and advances to credit institutions 86 54 Loans and advances to customers 5,277 4,036 Government and other government agency 110 149 Resident sector 778 820 Non resident sector 4,389 3,067 Debt securities 1,079 744 Held for trading 248 235 Available for sale financial assets 831 509 Adjustments of income as a result of hedging transactions (97) (74) Insurance activity 323 270 Other income 143 136 Total 6,859 5,197

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Interest and similar expense

Income from equity instruments

Share of profit or loss of entities accounted for using the equity method

“Investments in Entities Accounted for Using the Equity Method” amounted to €7 million for the three months ended March 31, 2016 compared with the €88 million recorded for the three months ended March 31, 2015 mainly as a result of the decrease in the contribution from Garanti Group due to the change in consolidation method that took place in the third quarter of 2015.

Commissions

Millions of Euros March March Interest and Similar Expenses. Breakdown by Origin 2016 2015 Bank of Spain and other central banks 41 20 Deposits from credit institutions 369 214 Customers deposits 1,430 847 Debt certificates 507 442 Subordinated liabilities 127 120 Adjustments of expenses as a result of hedging transactions (149) (224) Cost attributable to pension funds 30 33 Insurance activity 228 202 Other charges 125 90 Total 2,707 1,744
Millions of Euros March March Dividend Income 2016 2015 Dividends from: Financial assets held for trading 37 27 Available for sale financial assets 8 14 Total 45 42
M illions of Euros March March Fee and Commission Income 2016 2015 Bills receivables 13 18 Current accounts 114 85 Credit and debit cards 631 4 49 Checks 50 57 Transfers and others paym ent orders 136 90 Insurance product com m issions 42 23 Com m itm ent fees 70 44 Contingent risks 100 78 Asset Managem ent 212 1 63 Securities fees 78 70 Custody securities 31 78 Other fees and com m issions 157 2 04 Total 1,634 1,359

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Net gains (losses) on financial assets and liabilities (net)

The balance in the heading “Net gains (losses) on financial assets and liabilities (net)” decreased due to markets instability during the first quarter of 2016 and because of the lower volume of sales in portfolios classified as available for sale.

Exchange differences (net)

The balance of the heading “Exchange differences (net)” stood at €302 million in the first quarter of 2016, compared with €347 million in the first quarter of 2015.

M illions of Euros March March Fee and Commission Expenses 2016 2015 Com m issions for selling insurance 15 19 Credit and debit cards 312 202 Transfers and others paym ent orders 26 19 Other fees and com m issions 120 93 Total 473 332
Millions of Euros Gains (Losses) on Financial Assets and Liabilities March March Breakdown by Heading of the Balance Sheet 2016 2015 Financial assets held for trading (109) 88 Other financial assets designated at fair value through profit or loss 10 10 Other financial instruments not designated at fair value through profit or loss 155 344 Available for sale financial assets 138 335 Loans and receivables 32 12 Other (15) (3) Total 55 443
Millions of Euros Gains (Losses) on Financial Assets and Liabilities March March Breakdown by Nature of the Financial Instrument 2016 2015 Debt instruments 170 203 Equity instruments (266) 514 Loans and advances to customers 33 16 Derivatives 116 (296) Customer deposits 2 (2) Rest 9 Total 55 443

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Other operating income and expenses

Administration costs

Personnel expenses

General and administrative expenses

Millions of Euros March March Other Operating Income 2016 2015 Income on insurance and reinsurance contracts 1,029 951 Financial income from non financial services 183 156 Of Which: Real estate companies 110 109 Rest of other operating income 113 80 Of Which: from rented buildings 19 16 Total 1,326 1,188
Millions of Euros March March Other Operating Expenses 2016 2015 Expenses on insurance and reinsurance contracts 764 700 Change in inventories 119 119 Of Which: Real estate companies 92 104 Rest of other operating expenses 376 299 Total 1,259 1,119
Millions of Euros March March Personnel Expenses 2016 2015 Wages and salaries 1,293 1,072 Social security costs 203 172 Defined contribution plan expense 24 22 Defined benefit plan expense 18 20 Other personnel expenses 131 118 Total 1,669 1,405
Millions of Euros March March General and Administrative Expenses 2016 2015 Technology and systems 160 139 Communications 78 60 Advertising 58 46 Property, fixtures and materials 274 226 Of which: Rent expenses (*) 160 121 Taxes other than income tax 130 106 Other expenses 461 403 Total 1,161 980

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Depreciation and amortization

Provisions (net)

Impairment losses on financial assets (net)

Impairment losses on other assets (net)

Millions of Euros March March Depreciation and Amortization 2016 2015 Tangible assets 171 142 For own use 165 137 Investment properties 6 5 Assets leased out under financial lease Other Intangible assets 172 141 Total 344 282
Millions of Euros March March Provisions (Net) 2016 2015 Provisions for pensions and similar obligations 70 152 Provisions for contingent risks and commitments 43 3 Provisions for taxes and other legal contingencies 20 10 Other Provisions 48 64 Total 181 228
Millions of Euros March March Impairment Losses on Financial Assets (Net) 2016 2015 Available for sale financial assets 48 Debt securities 45 Other equity instruments 3 Loans and receivables 985 1,086 Of which: Recovery of written off assets 117 108 Total 1,033 1,086
Millions of Euros March March Impairment Losses on Other Assets (Net) 2016 2015 Goodwill and investment in entities Other intangible assets 3 Tangible assets 7 7 For own use 3 7 Investment properties 4 Inventories 41 40 Rest (3) 2 Total 44 52

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Gains (losses) on derecognized assets not classified as non-current assets held for sale

Gains (losses) on non-current assets held for sale

On April 7, 2016, BBVA SA has agreed to carry out an issue of perpetual contingent convertible securities, convertible into issued ordinary shares of BBVA, without pre-emption rights, for a total amount of 1 billion Euros.

From April 1, 2016 to the date of preparation of these consolidated financial statements, no other subsequent events not mentioned above in these interim financial statements, except the one mentioned in note 4 concerning to the dividend option, have taken place that significantly affect the Group’s earnings or its equity position.

Millions of Euros Gains and Losses on Derecognized Assets Not Classified as Non-current March March Assets Held for Sale 2016 2015 Gains Disposal of investments in subsidiaries 27 - Disposal of tangible assets and other 6 40 Losses: Disposal of investments in subsidiaries (2) (2) Disposal of tangible assets and other (13) (7) Total 18 30
Millions of Euros Gains (Losses) in Non-current Assets Held for Sale not classified as March March discontinued operations 2016 2015 Gains (losses) on sale of real estate 12 59 Impairment of non-current assets held for sale (48) (103) Impairment and gains (losses) on sale of investments classified as assets held for sale - - Gains (losses) on sale of equity instruments classified as assets held for sale (*) - 738 Total (36) 693

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Table of Contents

January-March

2016

Contents

Table of Contents

BBVA Group highlights

BBVA Group highlights

(Consolidated figures)

General note: From the third quarter of 2015, the total stake in Garanti is consolidated by the full integration method. For previous periods, the financial information provided in this document is presented integrated in the proportion corresponding to the percentage of the Group’s stake then (25.01%).

Table of Contents

Group information

Relevant events

Table of Contents

Results

Consolidated income statement: quarterly evolution ⁽¹⁾

(Million euros)

Table of Contents

Consolidated income statement ⁽¹⁾

(Million euros)

Table of Contents

Breakdown of operating expenses and efficiency calculation

(Million euros)

Table of Contents

Table of Contents

Table of Contents

Evolution of the consolidated income statement with Turkey proforma on a comparable basis ⁽¹⁾

(Millon euros)

Table of Contents

Balance sheet and business activity

Consolidated balance sheet ⁽¹⁾

(Million euros)

Table of Contents

Table of Contents

Solvency

Capital base ⁽¹⁾

(Million euros)

Table of Contents

Risk management

Credit risks ⁽¹⁾

(Million euros)

Non-performing loans evolution

(Million euros)