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 April, 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 Registrants 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
BBVA
1Q16 Results
Carlos Torres Vila
Chief Executive Officer
Madrid, April 28th 2016
BBVA
2016 First Quarter Results
April 28th 2016
2
Disclaimer
This document is only provided for information purposes and does not constitute, nor should it be interpreted as, an offer to sell or exchange or acquire, or an invitation for offers to buy securities issued by any of the aforementioned companies. Any decision to buy or invest in securities in relation to a specific issue must be made solely and exclusively on the basis of the information set out in the pertinent prospectus filed by the company in relation to such specific issue. No one who becomes aware of the information contained in this report should regard it as definitive, because it is subject to changes and modifications.
This document contains or may contain forward looking statements (in the usual meaning and within the meaning of the US Private Securities Litigation Reform Act of 1995) regarding intentions, expectations or projections of BBVA or of its management on the date thereof, that refer to or incorporate various assumptions and projections, including projections about the future earnings of the business. The statements contained herein are based on our current projections, but the actual results may be substantially modified in the future by various risks and other factors that may cause the results or final decisions to differ from such intentions, projections or estimates. These factors include, without limitation, (1) the market situation, macroeconomic factors, regulatory, political or government guidelines, (2) domestic and international stock market movements, exchange rates and interest rates, (3) competitive pressures, (4) technological changes, (5) alterations in the financial situation, creditworthiness or solvency of our customers, debtors or counterparts. These factors could cause or result in actual events differing from the information and intentions stated, projected or forecast in this document or in other past or future documents. BBVA does not undertake to publicly revise the contents of this or any other document, either if the events are not as described herein, or if such events lead to changes in the information contained in this document.
This document may contain summarised information or information that has not been audited, and its recipients are invited to consult the documentation and public information filed by BBVA with stock market supervisory bodies, in particular, the prospectuses and periodical information filed with the Spanish Securities Exchange Commission (CNMV) and the Annual Report on Form 20-F and information on Form 6-K that are filed with the US Securities and Exchange Commission.
Distribution of this document in other jurisdictions may be prohibited, and recipients into whose possession this document comes shall be solely responsible for informing themselves about, and observing any such restrictions. By accepting this document you agree to be bound by the foregoing restrictions.
BBVA
2016 First Quarter Results
April 28th 2016
3
1Q16 Highlights
Low level of earnings impacted by:
Seasonality
Lower NTI
FX
Lower impairments and provisions (mainly Spain and Real Estate)
Sound risk indicators and capital generation
Diversification as a lever of growth, strong performance in emerging markets
BBVA
2016 First Quarter Results
April 28th 2016
4
1Q16 Summary
Total Group with Garanti
Change Change
BBVA Group (€m) 1Q16 1Q16/1Q15 1Q16/1Q15
% % constant % % constant
Net Interest Income 4,152 13.3 27.9 -3.3 9.7
Net Fees and Commissions 1,161 7.8 17.7 -5.3 4.2
Net Trading Income 357 -53.9 -48.8 -51.2 -45.9
Other Income & Expenses 118 0.6 11.3 -10.3 -0.1
Gross Income 5,788 2.8 14.9 -9.3 1.9
Operating Expenses -3,174 14.4 24.8 2.3 12.4
Operating Income 2,614 -8.5 4.9 -20.3 -8.4
Impairment on Financial Assets -1,033 -7.7 0.7 -15.2 -6.9
Provisions and Other Gains -243 -17.7 -9.9 -18.1 -10.3
Income Before Tax 1,338 -7.2 11.7 -24.2 -9.2
NI ex Corporate Operations 976 -7.6 10.4 -25.8 -11.7
Corporate Operations Income 0 n.s. n.s. n.s. n.s.
Non-controlling Interest -266 n.s. n.s. -14.1 3.2
Net Attributable Profit 709 -53.8 -48.8 -55.3 -50.4
Net Attributable Profit (ex corporate operations) 709 -25.6 -11.6 -29.4 -16.3
Note: Proforma considers the additional stake in Garanti accounted for using the full consolidation method from 01/01/15 vs 07/01/15 deal closing (Garanti proforma)
BBVA
2016 First Quarter Results
April 28th 2016
5
Business Areas Earnings Breakdown
Net attributable profit
€m constant vs 1Q15 €m Var (%)
Total Group (*) 709 -50.4%
BBVA Group ex corp. operations(*) 709 -16.3%
Spain banking activity 234 -23.6%
Developed
USA 49 -63.5%
Turkey (*) 133 +13.2%
Emerging Mexico 489 +10.1%
South America 182 +8.7%
(*) For comparison purposes figures in 2015 consider the additional stake in Garanti accounted for using the full consolidation method from 01/01/15 vs 07/01/15 deal closing (Garanti profroma)
BBVA
2016 First Quarter Results
April 28th 2016
6
Earnings
Core Revenues
Net Interest Income Growth
1Q16 vs. 1Q15
Total Group +13.3%
Garanti Proforma -3.3%
Excluding FX effect
(constant €m) +27.9%
+9.7%
3,785 4,013 4,169 4,254 4,152
1Q15 2Q15 3Q15 4Q15 1Q16
1Q16 vs. 1Q15
Total Group +12.1%
Garanti Proforma -3.8%
Excluding FX effect
(constant €m) +25.5%
+8.4%
4,899 5,192 5,326 5,467 5,313
1Q15 2Q15 3Q15 4Q15 1Q16
Garanti Proforma
Additional stake in Garanti
Note: Proforma considers the additional stake in Garanti accounted for using the full consolidation method from 01/01/15 vs 07/01/15 deal closing (Garanti proforma)
NII + Net Fees and Commissions Growth
BBVA
2016 First Quarter Results
April 28th 2016
7
Earnings Gross Income
Lower NTI
NTI excluding FX effect
BBVA Group
(constant €m)
-48.8%
698
613
456
357
116
1Q15 2Q15 3Q15 4Q15 1Q16
Gross Income Growth
1Q16 vs. 1Q15
Total Group +2.8%
Garanti Proforma -9.3%
Excluding FX effect
(constant €m) +14.9%
+1.9%
5,677 6,081 5,600 5,878 5,788
1Q15 2Q15 3Q15 4Q15 1Q16
Garanti Proforma
Additional stake in Garanti
Note: Proforma considers the additional stake in Garanti accounted for using the full consolidation method from 01/01/15 vs 07/01/15 deal closing (Garanti proforma)
BBVA
2015 Results
April 28th 2016
8
Earnings
Operating Expenses
Cost to income (proforma)
YoY (%), constant €m
BBVA Group
(Garanti proforma)
49.7% 54.8%
3M15 3M16
Affected by NTI & CX
Underlying efficiency ex NTI & CX
58.5% 57.0%
-150 b.p.
3M15 3M16
Synergy potential in CX
Efficiency
BBVA 3M16 vs. peer group 12M15(%)
Average
68.1
Peer Group
Better than peer average
European Peer Group: BARC, BNPP, CASA, CS, CMZ, DB, HSBC, ISP, LBG, RBS, SAN, SG, UBS, UCG
BBVA
2016 First Quarter Results
April 28th 2016
9
Earnings
Operating Income
1Q16 vs. 1Q15
Total Group -8.5%
Garanti Proforma -20.3%
Excluding FX effect
(constant €m) +4.9%
-8.4%
2,854 3,072 2,472 2,706 2,614
1Q15 2Q15 3Q15 4Q15 1Q16
1Q16 vs. 1Q15
-32.5%(*) Ex-NTI
-5.7% -7.5%
Developed +15.1% (**)
Emerging +12.7%
+9.5%
Garanti Proforma
Additional stake in Garanti
Note: Proforma considers the additional stake in Garanti accounted for using the full consolidation method from 01/01/15 vs 07/01/15 deal closing (Garanti proforma) (*)
Spain includes banking and real estate activity. (**) Garanti Proforma
Excluding FX effect
BBVA
2016 First Quarter Results
April 28th 2016
10
Risk
Indicators Continue to Improve
Loan-Loss provisions & Real Estate
impairments (€m)
Total Group -12.7%
Garanti Proforma -19.3%
Excluding FX effect
(constant €m) -5.3%
-12.0%
1,198 1,185 1,119 1,078 1,054
1Q15 2Q15 3Q15 4Q15 1Q16
Cost of Risk
(YtD)
1.1% 0.9%
Dec.15 Mar.16
Coverage
NPL ratio flat at
74%
5.4%
5.3%
Dec.15 Mar.16
NPLs
(€ Bn) 26.0 25.5
Garanti Proforma
Additional stake in Garanti
Note: Proforma considers the additional stake in Garanti accounted for using the full consolidation method from 01/01/15 vs 07/01/15 deal closing (Garanti proforma)
BBVA
2016 First Quarter Results
April 28th 2016
11
Capital
Capital Generation in this Quarter
CET1 phased-in:
CET1 fully-loaded 11.60%
BBVA Group vs 9.75% SREP
(%) requirement
0.07%
0.18%
-0.04%
10.33% 10.54%
% CET1 FL (Dec.15) Net Earnings Dividends Others (*) % CET1 FL (Mar.16)
On track to achieve CET1 FL 11% target (2017)
(*) Includes a proforma positive impact of 15 bps from the ongoing corporate reorganization agreed in Peru so we can include, for solvency purposes and subject to CRDIV limits, the minority interests held in BBVA Banco Continental. This transaction has no impact on BBVA Groups consolidated equity, financial position, results or on the economic interest held in Banco Continental.
BBVA
2016 First Quarter Results
April 28th 2016
12
Capital
Solid Capital Position
Total capital fully-loaded
BBVA Group
(%)
14.96%(*)
2.92%
Tier II
1.50% AT 1
%CET1 FL
10.54%
Additional Tier I and Tier II
buckets completely covered
High quality capital
RWAs/ Total Assets
54%
33%
BBVA European Peer
#1 Group Average
Leverage ratio(*)
6.3%
4.6%
BBVA European Peer
#2 Group Average
(*) Total capital and leverage ratio figures include: (i) impacts of corporate reorganization in Peru and (ii) issuance of AT1 1.0 Bn € instruments in April European Peer Group: BARC, BNPP, CASA, CS, CMZ, DB, HSBC, ISP, LBG, RBS, SAN, SG, UBS, UCG. Figures as of December 2015
BBVA
2016 First Quarter Results
April 28th 2016
13
Growing our Digital Customer Base
Digital Customers(1)
BBVA Group - Million, % penetration
+20%
Growth
15.5
14.9
13.0 33% 35%
Mar.15 Dec.15 Mar.16
Mobile Customers(1)
BBVA Group - Million, % penetration
+45%
Growth
8.7 9.4
6.5
21%
19%
Mar.15 Dec.15 Mar.16
(1) South America figures as of February 2016
BBVA
2016 First Quarter Results
April 28th 2016
14
Focus on Driving Digital Sales Across all Franchises
Digital Sales - % of total sales YtD, # of transactions
Spain
12.1
8.8
Dec.15 Mar.16
Mexico(1)
3.9
2.1
Dec.15 Mar.16
South
America(2)
16.5
8.7
Dec.15 Mar.16
USA
18.7
9.3
Dec.15 Mar.16
Turkey
14.6
13.9
Dec.15 Mar.16
(1) ex insurance products (2) Dec.15 ex Paraguay and Uruguay. Mar.16 ex Chile
BBVA
2016 First Quarter Results
April 28th 2016
15
Business Areas
BBVA
2016 First Quarter Results
April 28th 2016
16
Spain Banking Activity
Activity and Results
Business Activity (%)
With CX
Lending* Cust. Fund
19.0
11.8
4.4 2.2 1.9
-1.1 -1.1 -1.2
Mar.16/Mar.15 Mar.16/Dec.15 Mar.16/Mar.15 Mar.16/Dec.15
NII + Fees
(€m)
+0.3%
1,344 1,387 1,347
-2.8%
1Q15 4Q15 1Q16
Gross Income
(€m)
-12.7%
1,787 1,419 1,560
+10.0%
1Q15 4Q15 1Q16
Operating Income
(€m)
-35.7%
1,023
514 658
+28.0%
1Q15 4Q15 1Q16
* Gross loans and advances to customers
Note: Activity excludes repos
BBVA
2016 First Quarter Results
April 28th 2016
17
Spain Banking Activity
Risk
Risk indicators with CX
(%)
Coverage ratio
59 59
46
NPL ratio
5.9 6.6 6.4
Mar.15 Dec.15 Mar.16
NPLs
(%)
13.8 13.2
11.2 QoQ
10.7 10.4 -4.7%
(with CX)
Mar.15 Dec.15 Mar.16
Cost of risk
(%)
1.0
0.5 0.5
1Q15 4Q15 1Q16
BBVA
2016 First Quarter Results
April 28th 2016
18
Spain Banking Activity
Income Statement
(€m)
Change
Banking activity in Spain 3M16 3M16/3M15
Abs. %
Net Interest Income 955 - 11 -1.2
Net fees and commissions 392 + 15 3.9
Net trading income 77 - 260 -77.2
Other operating income and expenses 136 + 30 28.1
Gross Income 1,560 - 227 -12.7
Operating expenses -902 - 138 18.1
Operating Income 658 - 365 -35.7
Impairment on financial assets (net) -258 + 163 -38.6
Provisions (net) and other gains (losses) - 58 + 106 -64.8
Income Before Tax 342 -96 -22.0
Non-controlling interests -1 + 0 -7.0
Net Attributable Profit 234 - 72 - 23.6
Income impacted by NTI decrease
Costs affected by CX integration
Loan-loss provisions and impairments reduction
BBVA 2016 First Quarter Results
April 28th 2016
19
Real Estate Activity
Lower P&L negative impact
Positive sales performance
Exposure reduction on track
Net attributable profit(1) Net exposure
(€m) (€bn)
3M15 3M16 -4.1%
-12.5%
12.4 11.9
-113
-154 10.9
-26.5%
Mar.15 Mar.16
with CX
Note: Net exposure according to Bank of Spains RE transparency scope (Circular 5-2011)
(1) Figures include Catalunya Caixa
BBVA
2016 First Quarter Results
April 28th 2016
20
Total Spain
Income Statement
(€m)
Change
Total Spain 3M16 3M16/3M15
Abs. %
Net Interest Income 981 + 24 2.5
Net fees and commissions 393 + 14 3.8
Net trading income 77 - 261 -77.2
Other operating income and expenses 121 + 58 93.2
Gross Income 1,572 - 165 -9.5
Operating expenses -934 - 142 17.9
Operating Income 638 - 307 -32.5
Impairment on financial assets (net) -305 + 173 -36.2
Provisions (net) and other gains (losses) -139 + 110 -44.2
Income Before Tax 194 - 23 -10.7
Non-controlling interests -1 + 1 -44.7
Net Attributable Profit 121 - 32 -20.7
2016 First Quarter Results
April 28th 2016
21
USA
Activity and Results
Business Activity
(constant €, %)
Lending* Cust. Funds
+7.9% +9.0%
(Mar.16/Mar.15) (Mar.16/Mar.15)
NII + Fees
(constant €m)
+3.6%
602 609 624
+2.4%
1Q15 4Q15 1Q16
Gross Income
(constant €m)
+0.9%
661 661 667
+1.0%
1Q15 4Q15 1Q16
Operating Income
(constant €m)
-5.7%
222 194 210
+8.3%
1Q15 4Q15 1Q16
* Gross loans and advances to customers
Note: Activity excludes repos
BBVA
BBVA
2016 First Quarter Results
April 28th 2016
22
USA
Risk
Risk indicators
(%)
Coverage ratio
164 151
103
NPL ratio
1.4
0.9 0.9
Mar.15 Dec.15 Mar.16
Cost of risk
(%)
0.6
0.4
0.2
1Q15 4Q15 1Q16
BBVA
2016 First Quarter Results
April 28th 2016
23
USA
Income Statement
(Constant €m)
Change
USA 3M16 3M16/3M15
Abs. %
Net Interest Income 478 + 34 7.7
Net fees and commissions 147 - 12 -7.8
Net trading income 46 - 6 -10.7
Other operating income and expenses -3- 10 n.s.
Gross Income 667 + 6 0.9
Operating expenses -458 - 19 4.3
Operating Income 210 - 13 -5.7
Impairment on financial assets (net) -95 - 65 n.s.
Provisions (net) and other gains (losses) -40 - 37 n.s.
Income Before Tax 75 - 115 - 60.5
Non-controlling interests 0 + 0 -2.1
Net Attributable Profit 49 - 85 - 63.5
NII positive performance
Lower NTI & other income
P&L performance impacted by Oil&Gas
BBVA
2016 First Quarter Results
April 28th 2016
24
Turkey
Activity and Results
Business Activity
(constant €, %)
Lending* Cust. Funds
+14.0% +15.8%
(Mar.16/Mar.15) (Mar.16/Mar.15)
NII + Fees
(constant €m)
+7.7%
888 1,031 956
-7.2%
1Q15 4Q15 1Q16
Garanti Proforma
Gross Income
(constant €m)
+14.3%
854 1,013 977
-3.6%
1Q15 4Q15 1Q16
Operating Income
(constant €m)
+15.1%
481 560 554
-1.0%
1Q15 4Q15 1Q16
* Gross loans and advances to customers. Note: Activity excludes repos
Note: Proforma considers the additional stake in Garanti accounted for using the full consolidation method from 01/01/15 vs 07/01/15 deal closing (Garanti proforma).
BBVA 2016 First Quarter Results
April 28th 2016
25
Turkey
Risk
Risk indicators (%)
Coverage ratio
118 129 129
NPL ratio
2.6 2.8 2.8
Mar.15 Dec.15 Mar.16
Cost of risk (%)
0.9 1.4 0.8
1Q15 4Q15 1Q16
Note: Proforma considers the additional stake in Garanti accounted for using the full consolidation method from 01/01/15 vs 07/01/15 deal closing (Garanti proforma).
BBVA 2016 First Quarter Results
April 28th 2016 26
Turkey
Income Statement
(Constant €m)
Change
3M16/3M15
Turkey 3M16 Abs. % Proforma Abs. Proforma %
Net Interest Income 775 + 596 n.s. + 57 7.9
Net fees and commissions 181 + 139 n.s. + 11 6.8
Net trading income 10 + 23 n.s. + 60 n.s.
Other operating income and expenses 10 + 6 n.s. - 6 -37.2
Gross Income 977 + 763 n.s. + 122 14.3
Operating expenses -423 - 329 n.s. - 50 13.3
Operating Income 554 + 435 n.s. + 73 15.1
Impairment on financial assets (net) -121 - 93 n.s. - 8 7.3
Provisions (net) and other gains (losses) -9 - 8 n.s. - 7 n.s.
Income Before Tax 424 + 333 n.s. + 57 15.6
Non-controlling interests -203 - 203 n.s. - 26 14.7
Net Attributable Profit 133 60 81.9 + 16 13.2
Note: Proforma considers the additional stake in Garanti accounted for using the full consolidation method from 01/01/15 vs 07/01/15 deal closing (Garanti proforma).
NII growth supported by activity
NII and NTI affected by change in accounting method
Double-digit bottom line growth
BBVA 2016 First Quarter Results
April 28th 2016 27
Business Activity
(constant €, %)
Lending* Cust. Funds
+12.4% +9.2%
(Mar.16/Mar.15) (Mar.16/Mar.15)
* Gross loans and advances to customers Note: Activity excludes repos
NII + Fees Gross Income
(constant €m) (constant €m)
+13.0% +11.4%
1,382 1,554 1,562 1,485 1,670 1,654
+0.6% -1.0%
1Q15 4Q15 1Q16 1Q15 4Q15 1Q16
Operating Income
(constant €m)
+12.7%
936 1,058 1,055
-0.3%
1Q15 4Q15 1Q16
BBVA 2016 First Quarter Results
April 28th 2016 28
Mexico
Risk
Risk indicators
Coverage ratio
116 120 119
NPL ratio
2.8 2.6 2.6
Mar.15 Dec.15 Mar.16
Cost of Risk (%)
3.4 3.0 3.2
1Q15 4Q15 1Q16
BBVA 2016 First Quarter Results
April 28th 2016 29
Mexico
Income Statement
(Constant €m)
Change
Mexico 3M16 3M16/3M15
Abs. %
Net Interest Income 1,290 + 157 13.9
Net fees and commissions 273 + 23 9.2
Net trading income 43 - 1 -2.0
Other operating income and expenses 49 - 10 -16.5
Gross Income 1,654 + 170 11.4
Operating expenses -599 - 50 9.2
Operating Income 1,055 + 119 12.7
Impairment on financial assets (net) -383 - 27 7.5
Provisions (net) and other gains (losses) -19 - 28 n.s.
Income Before Tax 652 + 64 11.0
Non-controlling interests 0 - 0 n.s.
Net Attributable Profit 489 + 45 10.1
Outstanding top line performance
Positive jaws
Sound risk indicators
BBVA 2016 First Quarter Results
April 28th 2016 30
South America
Activity and results
Business Activity
(constant €, %)
Lending* Cust. Funds
+14.7% +19.6%
(Mar.16/Mar.15) (Mar.16/Mar.15)
*Gross loans and advances to customers Note: activity excludes repos
NII + Fees Gross Income
(constant €m) (constant €m)
+14.9% +14.1%
865 858 1,006 985
747 864
-0.8% -2.1%
1Q15 4Q15 1Q16 1Q15 4Q15 1Q16
Operating Income
(constant €m)
+9.5%
583
524
479
-10.1%
1Q15 4Q15 1Q16
BBVA 2016 First Quarter Results
April 28th 2016 31
South America
Risk
Risk Indicator (%)
Coverage ratio
121 123 118
NPL ratio 2.6
2.3 2.3
Mar.15 Dec.15 Mar.16
Cost of Risk (%)
1.4
1.0 1.2
1Q15 4Q15 1Q16
BBVA 2016 First Quarter Results
April 28th 2016 32
South America
Income Statement
(Constant €m)
Change
South America 3M16 3M16/3M15
Abs. %
Net Interest Income 717 + 104 17.0
Net fees and commissions 141 + 7 5.2
Net trading income 160 + 53 49.9
Other operating income and expenses - 33 - 43 n.s.
Gross Income 985 + 122 14.1
Operating expenses - 461 - 77 19.9
Operating Income 524 + 45 9.5
Impairment on financial assets (net) - 131 - 19 16.6
Provisions (net) and other gains (losses) - 18 + 5 -22.1
Income Before Tax 375 + 32 9.2
Non-controlling interests - 62 + 13 -17.5
Net Attributable Profit 182 + 15 8.7
Sound activity growth
Robust core revenues generation
Costs affected by hyperinflationary economies and expansion plans
BBVA 2016 First Quarter Results April 28th 2016 33
Takeaways
Quarter results impacted by seasonality, lower NTI and FX
Strong performance in emerging markets
Good evolution of risk indicators despite higher provisions in the USA
BBVA 2016 First Quarter Results
April 28th 2016 34
Annex
BBVA 2016 First Quarter Results
April 28th 2016 35
Gross Income
Breakdown
Rest of Eurasia
112 €m Spain
17% 2% 1,572 €m
South America
26%
985 €m Gross
Income USA
Mexico 3M16 11% 667 €m
1,654 €m
28%
16%
Turkey
977 €m
Note: Figures exclude Corporate Center
BBVA 2016 First Quarter Results April 28th 2016 36
Group
Earnings
Net attributable profit
€m
Businesses € -58m
1,536 44 - 150
- 583
- 72 - 85
41 16 - 16 45 15 - 80 709
3M15 €m Garanti proforma FX Effect Cor. Operation* Banking activity Spain RE activity Spain USA Turkey Rest of Eurasia Mexico South America Corporate Center 3M16 €m constant
YoY (%) -23.6 -26.5 -63.5 13.2 -47.9 10.1 8.7 39.3
* Includes impact of lower dividends received from CNCB.
Note: Proforma considers the additional stake in Garanti accounted for using the full consolidation method from 01/01/15 vs 07/01/15 deal closing (Garanti proforma)
BBVA 2016 First Quarter Results April 28th 2016
37
Real Estate Activity in Spain
Risk
Coverage ratio (%)
62 65 66 63
63
NPL ratio (%)
53.9 54.3
52.5
50.8 50.5
Mar.15 Jun.15 Sep.15 Dec.15 Mar.16
BBVA 2016 First Quarter Results April 28th 2016 38
Real Estate Activity in Spain
Income Statement
(M€)
Change
Real Estate Activity in Spain 3M16 3M16/3M15
Abs. %
Net Interest Income 26 + 35 n.s.
Net fees and commissions 1 - 0 -29.2
Net trading income 0 - 1 n.s.
Other operating income and expenses - 15 + 28 -65.3
Gross Income 12 + 62 n.s.
Operating expenses - 32 - 4 12.8
Operating Income - 20 + 59 -74.6
Impairment on financial assets (net) - 47 + 11 -18.5
Provisions (net) and other gains (losses) - 81 + 4 -4.3
Income Before Tax - 148 + 73 -33.0
Non-controlling interests 0 + 1 n.s.
Net Attributable Profit - 113 + 41 -26.5
Note: Includes Catalunya Caixa
BBVA 2016 First Quarter Results April 28th 2016 39
Rest of Eurasia
Income Statement
(M€)
Change
Rest of Eurasia 3M16 3M16/3M15
Abs. %
Net Interest Income 43 - 0 -0.2
Net fees and commissions 43 - 3 -6.1
Net trading income 24 - 49 -66.9
Other operating income and expenses 1 + 3 n.s.
Gross Income 112 - 49 -30.5
Operating expenses - 85 + 5 -6.1
Operating Income 27 - 44 -61.6
Impairment on financial assets (net) 2 + 24 n.s.
Provisions (net) and other gains (losses) - 2 - 6 n.s.
Income Before Tax 27 - 25 - 48.0
Net Attributable Profit 18 - 16 - 48.1
BBVA 2016 First Quarter Results April 28th 2016 40
Corporate Center
Income Statement
(M€)
Change
Corporate Center 3M16 3M16/3M15
Abs. %
Net Interest Income -132 - 9 6.9
Net fees and commissions -16 + 6 -28.0
Net trading income -4 - 100 n.s.
Other operating income and expenses -27 - 0 0.5
Gross Income -180 - 103 n.s.
Operating expenses -214 - 13 6.6
Operating Income -394 - 116 41.7
Impairment on financial assets (net) 0 - 2 -80.1
Provisions (net) and other gains (losses) -17 - 9 n.s.
Income Before Tax -410 - 126 44.6
Non-controlling interests 0 + 4 -98.9
Net Attributable Profit -282 - 663 n.s.
BBVA 2016 First Quarter Results April 28th 2016 41
Group
Mar-16 vs. Mar-15
(constant €, %)
Spain* +11.8% +19.0%
USA +7.9% +9.0%
Turkey proforma +14.0% +15.8%
Mexico +12.4% +9.2%
South America +14.7% +19.6%
Note: Activity ex repos. (*) Includes Catalunya Caixa.
Activity Growth
Gross loans Customer Funds
BBVA 2016 First Quarter Results April 28th 2016 42
Average, €
Customer Spreads 1Q15 2Q15 3Q15 4Q15 1Q16
Lending Profitability 2.64% 2.50% 2.36% 2.27% 2.16%
Spain Cost of Deposits -0.70% -0.61% -0.53% -0.51% -0.39%
Customer Spreads 1.93% 1.88% 1.83% 1.76% 1.77%
Lending Profitability 3.56% 3.50% 3.49% 3.49% 3.60%
USA Cost of Deposits -0.43% -0.39% -0.39% -0.39% -0.41%
Customer Spreads 3.13% 3.11% 3.10% 3.10% 3.19%
Lending Profitability 11.81% 11.75% 11.59% 11.71% 11.78%
Mexico Cost of Deposits -0.98% -0.96% -1.09% -1.00% -0.98%
Customer Spreads 10.83% 10.79% 10.50% 10.71% 10.79%
Lending Profitability 24.92% 24.49% 24.03% 24.21% 25.49%
Argentina Cost of Deposits -8.16% -8.46% -8.70% -9.25% -9.58%
Customer Spreads 16.76% 16.03% 15.33% 14.96% 15.91%
Lending Profitability 5.60% 7.86% 7.94% 7.10% 6.64%
Chile Cost of Deposits -2.68% -3.20% -3.18% -3.06% -3.18%
Customer Spreads 2.91% 4.66% 4.76% 4.05% 3.46%
Customer Spreads 1Q15 2Q15 3Q15 4Q15 1Q16
Lending Profitability 10.18% 10.03% 9.79% 9.98% 10.50%
Colombia Cost of Deposits -3.67% -3.67% -3.67% -4.05% -4.90%
Customer Spreads 6.52% 6.36% 6.12% 5.93% 5.60%
Lending Profitability 8.33% 8.25% 8.16% 8.32% 8.42%
Peru Cost of Deposits -1.02% -0.93% -0.97% -0.95% -1.09%
Customer Spreads 7.31% 7.33% 7.19% 7.37% 7.33%
Lending Profitability 21.98% 22.55% 23.06% 25.10% 26.53%
Venezuela Cost of Deposits -2.96% -2.66% -3.02% -3.69% -3.33%
Customer Spreads 19.01% 19.90% 20.04% 21.41% 23.20%
Lending Profitability 9.10% 8.93% 9.23% 9.21% 9.56%
Turkey Cost of Deposits -4.54% -4.24% -4.30% -4.48% -4.91%
Customer Spreads 4.56% 4.69% 4.93% 4.73% 4.66%
Note 1: USA ex NY Business Activity
Note 2: Customer spreads, difference between lending yield and cost of deposits from customers
Customer Spreads
BBVA 2016 First Quarter Results April 28th 2016 43
Exposure Funded Rating Subsegment Unfunded Exposure
March 2016 € Bn % Credit Risk %IG %NIG %NPLs Up stream Mid stream Down stream Integra-ted Others € Bn
Group 16.1 3.4% 57% 43% 3.3% 16% 10% 18% 46% 10% 7.6
USA: Compass + NY branch 4.5 7.3% 24.0% 76.0% 10.7% 52% 32% 8% 7% 1% 5.2
Rest of Eurasia 2.4 9.9% 81.6% 18.4% 0.0% 0% 0% 14% 76% 10% 0.5
Mexico 2.9 5.9% 75.5% 24.5% 0.5% 0% 6% 1% 74% 19% 0.4
Spain 3.6 1.7% 85.5% 14.5% 0.8% 1% 0% 8% 76% 15% 1.3
S. America 1.3 2.5% 61.0% 39.0% 0.2% 15% 1% 33% 25% 25% 0.0
Turkey 1.4 1.9% 13.2% 86.8% 0.6% 0.0% 0.0% 100% 0.0% 0.0% 0.2
USA March 16:
Compass 3.9 6.8% 13.3% 86.7% 12.4% 60% 37% 3% 4.4
NY 0.6 12.4% 89.9% 10.1% 0.0% 2% 0% 38% 60% 0% 0.8
Oil & Gas Sector Exposure Breakdown
BBVA
1Q16 Results
Carlos Torres Vila
Chief Executive Officer
Madrid, April 28th 2016
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Banco Bilbao Vizcaya Argentaria, S.A. | ||||||
Date: April 28, 2016 | By: | /s/ María Ángeles Peláez | ||||
Name: | María Ángeles Peláez | |||||
Title: | Authorised representative |