BBVA achieved an attributed net profit of €6,051 million on a cumulative basis at the close of the first half of 2026, representing an 11.1% increase compared to the same period of the previous year, supported by the strong performance of recurring banking revenues, as explained by the company to the National Securities Market Commission (CNMV). Additionally, the company has launched a new share buyback program for an amount of €2,000 million.
“As for profitability metrics, they recorded notable improvements during the period: ROTE reached 22.2% and ROE 21.1%. BBVA offers a unique combination of growth and profitability in the market. Since 2020, it has not only grown faster than its peers in Europe and positioned itself at the forefront of the sector in profitability, but it has also been able to increasingly differentiate itself from its competitors in both metrics,” the entity explained in a statement.
According to the details provided by the company, profit between January and June was mainly favored by the “solid” performance of net interest income, which increased by 18.8% (€15,164 million). Dynamics were positive across all business areas, especially in Turkey, Mexico, and South America. Total group revenues, represented by gross income, reached €21,159 million in the half-year, up 16.9% year-on-year.
Furthermore, net fees and commissions, which together with net interest income constitute recurring banking revenues, grew at a year-on-year rate of 14%, up to €4,572 million. This line item was mainly driven by payment methods, asset management, and a higher contribution from the corporate and investment banking business (CIB). The sum of net interest income and net fees and commissions, representing recurring banking revenues, reached €19,736 million (up 18.1% year-on-year).
This revenue growth, BBVA explains, was able to offset higher operating expenses, which increased by 17.9% (€8,000 million), and provisions for impairment of financial assets, which rose by 24.2% (€3,497 million) compared to cumulative balances as of June 30, 2025, within a context of credit growth.
According to the entity, the increase in expenses would be reduced to 14.5%—lower than revenue growth (positive jaws)—if non-recurring items in general expenses (such as the regularization of VAT payments in both the second quarter of 2025 and 2026) and personnel costs (such as voluntary departures in 2026) are excluded. The efficiency ratio stood at 37.8% as of June 30, 2026, one of the best in the European banking sector.
As a result of all the above, net operating income reached €13,159 million (up 16.2% year-on-year).
Likewise, BBVA’s loan portfolio grew by 17.7% in the last twelve months, mainly thanks to the corporate and retail segments. The strong performance of Spain and Mexico stands out, with growth rates of 7.4% and 9.9%, respectively. “The dynamism of activity in both countries in recent years, above the market average, has translated into market share gains, reaching 14.15% in Spain and 26.17% in Mexico,” the bank noted.
Net trading income (NTI) showed a “favorable” performance (up 5.5% year-on-year), with positive trends across all business areas. For its part, the Corporate Center reported higher losses, stemming from exchange rate hedges.
New Buyback Program
Thanks to these results, BBVA continued to generate capital organically. The CET1 ratio closed at 12.90% as of June 30, remaining above the target management range of 11.5% to 12.0%.
This level allows the group to maintain a “broad” management buffer over its CET1 requirement as of that date (8.98%) and also sits above the target management range established at 11.5%–12.0%. Regarding performance during the second quarter of the year, the group’s CET1 ratio increased by 7 basis points compared to the March level (12.83%).
Thanks to this “solid” capital position, the entity announced a new share buyback program worth €2,000 million, whose first tranche of €1,000 million will begin on August 5. The maximum amount of €2,000 million has been deducted in full from BBVA’s individual and consolidated Common Equity Tier 1 (CET1) capital since the date of receipt of authorization.
The purpose of this program is to reduce BBVA’s share capital by redeeming the acquired shares. The maximum number of shares to be acquired in this first tranche will be 483,221,729. The execution of the first tranche will end no earlier than September 14, 2026, and no later than October 9, 2026, and, in any case, when the maximum monetary amount is reached or the maximum number of shares is acquired within that period. However, BBVA reserves the right to temporarily suspend or prematurely terminate the first tranche “if circumstances advice or require it.”
Regarding the €3,960 million share buyback program currently underway, the group has already completed two tranches and has executed virtually the entire final tranche, which began in May.
