BBVA

Companies, Ibex, Spanish economy 17th October 2022

BBVA: Upside in NII and margins, stable capital situation; Turkey risks already in the price

Morgan Stanley |We have carried out a survey amongst our sectorial analysts to find out their estimates with regard to consensus expectations for each sector. Also to identify where they are most confident in terms of results. The survey flags a solid Q3, with 50% of sectors beating forecasts vs 13% seen as falling behind. That said, looking ahead at FY’23, my analysts predict a clear downside risk to consensus…

Companies, Ibex, Spanish economy 15th October 2022

BBVA ups sustainable financing target to 300 billion euros vs initial 100 billion announced in 2018

BBVA has upped its targets for sustainable financing. The Spanish lender expects to reach 300 billion euros of products linked to sustainability targets in the period 2018-2025, according to the daily Cinco Dias, citing BBVA chairman Carlos Torres during a conference in Washington. Cinco Dias said the new amount would represent a 50% increase on the goal of 200 million euros announced in July 2021, when the bank updated its…

Companies, Ibex, Spanish economy 8th October 2022

BBVA and Caixabank could have the best momentum in terms of profits: Overweight

Morgan Stanley | We are expecting a positive surprise in NII (+3.6% QoQ), which will allow for upgrades in consensus estimates for 2023. Meanwhile, in terms of provisions we are expecting stable figures. We see the best momentum in terms of profits for BBVA and Caixabank (both Overweight) and there could be a catch up in Banco Santander, as the political uncertainty lessens. Santander – Good numbers in Spain. The…

Companies, Ibex, Spanish economy 26th September 2022

BBVA once again opens door to corporate deals: “It would have to be a big bank, with a large market share”

Alphavalue/DIVACONS | The CEO of BBVA (Buy, Target Price 4,30 euros/share), Onur Genç, commented on Wednesday that the Spanish bank is open to exploring potential acquisitions of financial entities. In regard to this, he highlighted the following: “It would have to be a big bank, with a large market share”. Asked about the business in Turkey, which has recently been accounted for under a criterion of hyperinflation, Genç argued that…

Companies, Ibex, Spanish economy 26th August 2022

BBVA to hire 400 people with technological profile in Spain

Alphavalue | BBVA (Buy, Target Price 6,24 euros +) plans to hire 400 people in Spain this year with a technological profile. The Spanish bank revealed it foresees the incorporation of 2,000 employees into its workforce with this kind of profile in 2022. As analysts at Link explain: “As the group announced yesterday, almost 1,000 engineers have joined BBVA in H1 2022, a figure which the bank expects to double…

Companies, Ibex, Relevant News Item 5th July 2022

BBVA, top pick in Spanish banking sector for the quarter on possible hike in Mexico guidance

Morgan Stanley | A more positive tone or guidance concerning NII should continue providing support for the Spanish banks. We recall that last week we raised our estimates for NII by an average 5% after incorporating 100 bp of rate hikes vs a previous 50 bp. This should offset the impact of an average 15 bp in CET1 due to the rise in bond yields. Asset quality should remain stable. BBVA…

Spanish economy 6th June 2022

BBVA’s combined NII could grow 8-10% CAGR in next 3 years: Overweight, T.P. 7,30 eur/share

Morgan Stanley | After putting behind it the acquisition of Garanti (it now controls 86%), we believe BBVA’s focus will gradually return to its businesses in Mexico and Spain. These contribute to 90% of the 2022-2024 profits and where the sensitivity to rates has been underestimated. Based on our analysis, the combined NII will be able to grow 8-10% CAGR in the next three years, beating the consensus assumption. A…

Spanish economy 28th May 2022

Organic profitability and solid credit risk profile: Overweight in BBVA despite the rapid shift away from its historically conservative financial management

Santander Corporate & Investment | Fitch announced this week that it has affirmed its ratings for BBVA (A3e, Ae, BBB+e). This includes its long-term issuer default rating of BBB+. According to Fitch’s note, the confirmation of the ratings reflects the capacity for resistance of BBVA’s profits through the economic cycles. This is thanks to its geographic diversification, strong retails franchises in its key markets (Spain, Mexico, Turkey and various Latin…

Spanish economy 19th May 2022

BBVA Reaches 86% Of Turkey’s Garanti Following The Takeover Bid

BBVA has reached a stake of 85.97% in its Turkish subsidiary Garanti after the closing of the takeover bid it had launched for the 50.15% of the capital it did not control. The bank, headed by Carlos Torres Vila as chairman, has paid 22,758 million Turkish liras (around 1.410 billion euros at the exchange rate) for the 36.12% it has acquired after the transaction. The payment was made from its…

Spanish economy 29th April 2022

BBVA Achieves Record Revenues In Q1 With €1.651Bn And Profitability / RoTE Close To 16%

Bankinter : Main Q1 2022 figures compared to Bloomberg consensus expectations: Net Interest Income: €4.158bn (+20.5% vs €3.920bn e); Gross Margin: €5.939bn (+15.2% vs €5.418bn e); Net Margin: €3.525bn (+23.7% vs €2.983bn e); Ordinary NAB: €1.651bn (+59.8%); Published NAB: €1.651bn (+36.4% vs €1.235bn e). Analyst’s view: We expect a positive share price reaction to the results which surprise positively in the most important metrics (activity, revenues and cost of risk/CoR)…

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