The strong Q1 beat and raised guidance (Mexico net profit improved, Turkey net profit improved) reinforce BBVA's positive momentum. The third tranche of the buyback (~€1.5 billion) provides additional near-term support. Monitor the execution of the two debt offerings filed concurrently (senior notes and AT1 CoCos) for potential pricing and terms, but these are routine capital management for a well-capitalized bank.
Price Chart
Executive Summary
BBVA reported strong Q1 2026 results, with net attributable profit up 10.8% YoY on a constant basis to €2,989 million, driven by robust loan growth and positive jaws. The CET1 ratio improved to 12.83%, above the 11.5%-12% target range, and the bank announced the third tranche of its share buyback program for ~€1.5 billion. The results were filed alongside two debt offerings (senior notes and AT1 CoCos), which are routine capital management transactions for a well-capitalized bank.
Key Facts
- Net attributable profit of €2,989 million in Q1 2026, up 10.8% YoY on a constant basis.
- Net interest income grew 20.2% YoY on a constant basis to €7,537 million.
- CET1 ratio improved to 12.83% from 12.70% in December 2025, above the 11.5%-12% target range.
- ROTE was 19.3% in Q1 2026, compared to 18.4% in Q1 2025.
- Efficiency ratio improved to 38.0% from 38.3% in Q1 2025.
- Total loan growth of 17.0% YoY on a constant basis.
- Third tranche of share buyback program for ~€1.5 billion to start early next week.
- Mexico net attributable profit up 9.3% YoY on a constant basis to €1,453 million.
- Turkey net attributable profit up 66.1% YoY on a current basis to €263 million.
- Spain net attributable profit up 8.1% YoY to €1,095 million.
- Updated 2026 outlook: Group ROTE >20%, Mexico high single digit growth with upward bias, Turkey net profit improved guidance.
Financial Impact
Net attributable profit of €2,989 million in Q1 2026, up 10.8% YoY constant. Net interest income of €7,537 million, up 20.2% YoY constant. CET1 ratio of 12.83%, up 13 bps QoQ.
Risk Factors
- Net interest income sensitivity to declining interest rates in Spain and Mexico, though loan growth partially offsets.
- Elevated cost of risk in Turkey (1.54% group level) and South America (Colombia, Peru).
- Hyperinflation adjustments in Turkey and Argentina create accounting noise and FX translation risk.
- Execution risk on the 2025-2028 strategic goals and AI transformation plan.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001193125-26-194132 |
| Document: 0001193125-26-194132-index-headers.html | 0001193125-26-194132 |
| Document: 0001193125-26-194132-index.html | 0001193125-26-194132 |
| Document: 0001193125-26-194132.txt | 0001193125-26-194132 |
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 24w 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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