Banco Bilbao Vizcaya Argentaria SA

BBVA: XMAD (ESP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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BBVA Earnings: Robust Lending and Resilient Margins Drive 13% Fair Value Increase

Johann Scholtz

Oct 31, 2025

BBVA’s third-quarter earnings fell 4% year on year, but stripping out currency hedging, underlying performance was stronger. Stronger-than-expected loan growth lifted net interest income despite margin pressure from lower interest rates. Credit costs rose, driven by higher provisions in Turkey.

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Banco Bilbao Vizcaya Argentaria SA

BBVA Earnings: Robust Lending and Resilient Margins Drive 13% Fair Value Increase

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