BBVA's Q1 results show strong operational momentum with double-digit earnings growth and capital returns. However, the sharp rise in loan-loss provisions (+31.4% YoY) and cost of risk (1.54%) warrant monitoring, especially given elevated geopolitical risks in Turkey and Argentina. The €1.46B buyback authorization signals management confidence. Watch for Q2 provisioning trends and the Romania sale closing.
Price Chart
Executive Summary
BBVA reported strong Q1 2026 results, with net attributable profit up 10.8% YoY to €2,989 million, driven by robust net interest income growth (+17.8%) and improved efficiency. The CET1 ratio improved to 12.83%, and the bank announced a new €1.46 billion share buyback tranche. However, loan-loss provisions surged 31.4% YoY, and the cost of risk rose to 1.54%, reflecting higher provisioning in Turkey and Mexico amid geopolitical uncertainty.
Key Facts
- Net attributable profit of €2,989 million in Q1 2026, up 10.8% YoY (14.1% at constant FX)
- Net interest income of €7,537 million, up 17.8% YoY (20.2% at constant FX)
- Efficiency ratio improved to 38.0% from 38.2% a year ago
- CET1 ratio of 12.83%, up 13 bps from Q4 2025, above the 11.5%-12.0% target range
- Impairment on financial assets rose 31.4% YoY to €1,820 million (35.0% at constant FX)
- Cost of risk increased to 1.54% from 1.30% a year ago
- Board authorized a third share buyback tranche of up to €1,460 million
- Garanti BBVA agreed to sell Romanian subsidiaries, expected to close in Q4 2026
- DBRS revised outlook to positive on February 24, 2026
Financial Impact
Net attributable profit of €2,989 million, up 10.8% YoY; net interest income up 17.8% YoY; loan-loss provisions up 31.4% YoY
Risk Factors
- Geopolitical tensions in the Middle East could further increase credit costs and market volatility
- High inflation and currency depreciation in Turkey and Argentina pressure earnings quality
- Rising cost of risk (1.54%) may continue to pressure profitability if economic conditions deteriorate
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001628280-26-028581 |
| Document: 0001628280-26-028581-index-headers.html | 0001628280-26-028581 |
| Document: 0001628280-26-028581-index.html | 0001628280-26-028581 |
| Document: 0001628280-26-028581.txt | 0001628280-26-028581 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jun 9, 2026 20w ago | 6-K | $22.53 $29.53 | ▲ +31.07% | ▲ +26.99% | $25.83 (+14.65%) |
Jun 8, 2026 20w ago | 6-K | $22.47 $28.80 | ▲ +28.17% | ▲ +24.85% | $25.83 (+14.95%) |
Jun 1, 2026 21w ago | 6-K | $23.34 $29.58 | ▲ +26.74% | ▲ +25.50% | $25.83 (+10.67%) |
May 26, 2026 22w ago | 6-K | $22.40 $28.77 | ▲ +28.44% | ▲ +25.71% | $25.83 (+15.31%) |
May 18, 2026 23w ago | 6-K | $22.55 $28.42 | ▲ +26.03% | ▲ +21.18% | $25.83 (+14.55%) |
May 12, 2026 23w ago | 6-K | $21.20 $27.69 | ▲ +30.61% | ▲ +26.23% | $25.83 (+21.84%) |
May 11, 2026 24w ago | 6-K | $21.54 $28.83 | ▲ +33.84% | ▲ +29.45% | $25.83 (+19.92%) |
May 8, 2026 24w ago | 6-K | $23.00 $27.94 | ▲ +21.48% | ▲ +16.64% | $25.83 (+12.30%) |
May 8, 2026 24w ago | 6-K | $23.00 $27.94 | ▲ +21.48% | ▲ +16.64% | $25.83 (+12.30%) |
May 4, 2026 25w ago | 424B5 | $22.35 $25.89 | ▲ +15.84% | ▲ +13.98% | $25.83 (+15.57%) |
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