BBVA Group posted a recurring profit of €5.07 billion in 2021, the highest in the past ten years, thanks to the positive evolution of revenues and lower loan-loss provisions. Including non-recurring impacts, the net attributable profit rose to €4.65 billion, 3.6 times higher than the €1.31 billion registered in 2020. In terms of growth it acquired a record of almost nine million new customers. The net tangible book value per share plus dividends increased 10.1 percent in the year. BBVA will pay a total dividend per share of €0.31 for 2021, the highest in cash of the past decade.
Morgan Stanley analysts focus on last quarter’s results and explain that “BBVA has published earnings which beat expectations (€1.341 vs €1.043 expected by the consensus) however under the surface things change. While NII came out 6% higher than expected, it was exclusively thanks to Turkey and Argentina, costs increased in all regions, and most importantly, capital came out 45bps lower than expected (CET1 12.75% vs 13.2% expected by the consensus) mainly due to an increase in risk-weighted assets. In addition, it has announced a dividend payment of €0.23/share (the highest cash dividend in a decade)”.