The BBVA Group recorded an attributable profit of 4,842 million euros between January and September of this year, which represents an increase of 47% compared to the same period of the previous year (46.2% at current exchange rates), according to informed this Friday the entity.

Excluding non-recurring impacts, profit was 5,044 million euros, 37.1% more. In the third quarter of this year, BBVA earned 1,841 million euros, an increase of 34.1% compared to a year earlier (31.4% at current rates).

The entity has highlighted that the result achieved is a consequence of the dynamism of the activity, with double-digit growth in the loan portfolio (15% at constant exchange rates), and the positive evolution of recurring income (28.8%, also in constants).

"In the first nine months of the year we have obtained very good and high-quality results. We hope that the coming quarters will be positive for BBVA and, as always, we will support companies, families and society as a whole in an environment of high economic uncertainty", highlighted the CEO of BBVA, Onur Genç.

During the first nine months of 2022, BBVA obtained "good" results, despite, according to the entity, the environment of uncertainty generated by the war in Ukraine and its impact on inflation and growth in the global economy.

Net interest income reached 13,811 million euros in the first nine months of the year, 32.6% more year-on-year, thanks to strong credit growth, 15% compared to September 2021, and the improvement in customer spreads . According to the bank, the good performance of this line in Mexico, Turkey and South America stands out in particular.

Net fees and commissions grew by 17.4%, to 4,030 million euros, again driven by the business in emerging markets. As a whole, the interest margin and net commissions, which represent the recurring income of the banking business, registered a year-on-year increase of 28.8% between January and September, reaching 17,842 million euros.

Likewise, the result of financial operations (ROF) amounted to 1,669 million euros (17.4% year-on-year), thanks to the favorable evolution of the Global Markets unit in the main geographies.

The other operating income and expenses line accumulated a result of -1,145 million euros as of September 30, 2022, mainly due to the negative adjustment for hyperinflation in Argentina and Turkey and the higher contribution to the Single Resolution Fund (SRF).

As a result of all this, the gross margin reached 18,366 million euros between January and September, which represents a year-on-year increase of 21.2%.

In an environment of high global inflation, operating expenses grew by 14.5% in the first nine months of the year. This figure is, however, below the average inflation registered in the countries where BBVA has a presence (16.5%).

Thus, the net margin registered an interannual increase of 26.7% between January and September, up to 10,494 million euros. In the third quarter, this line reached the figure of 4,038 million euros, with an increase of 44.9% compared to the same period in 2021.

Likewise, the default rate improved from 3.7% to 3.5% in the quarter and the coverage ratio rose from 78% to 83%, while the ROE increased to 15% at the end of September and the ROTATE up to 15.7%.

The group has also highlighted that it continues to create shareholder value: the tangible value plus dividends stood at 7.66 euros per share as of September 30, which represents a year-on-year increase of 20%.

This figure includes the gross dividend of 12 euro cents per share that BBVA paid to its shareholders on October 11, on account of the results for the 2022 financial year, 50% more than the one distributed in October of the previous year.

BBVA also maintains a solid capital position, with a fully loaded CET1 ratio of 12.45%, above the Group's target range (between 11.5% and 12%).

PULL OF SPAIN AND MEXICO

Spain generated a recurring result of 1,514 million euros between January and September (27.1% year-on-year), thanks to the evolution of the interest margin and net commissions, as well as the ROF, and lower operating expenses and provisions.

This result does not include the net impact of -201 million euros from the purchase of offices from Merlin, recorded in the second quarter of the year. If this impact is taken into account, the cumulative attributable profit at the end of September 2022 stands at 1,312 million euros, 10.2% more.

The default rate fell 13 basis points in the quarter to 3.9%, while the coverage rate improved compared to June, reaching 64%.

For its part, BBVA achieved in Mexico an attributable result of 2,964 million euros between January and September (47.5% year-on-year), as a result of the good performance of all income lines, and particularly the dynamism of the net interest income.

Thanks to this revenue growth, the efficiency ratio experienced a significant improvement (351 basis points) to stand at 31.9%.

Finally, during the first nine months, 8.6 million new customers joined BBVA. This record figure, according to the entity, is more than 2.5 times the customer acquisition of five years ago. Just over half of them (54%) joined the bank through digital channels.