CdM| The Spanish bank will redeem early an issue of preference shares convertible into ordinary shares for a total nominal amount of €1 billion, as reported Friday to the National Securities Market Commission (CNMV). In this way, the entity has informed of its “irrevocable decision” to proceed with the redemption on September 24, coinciding with the first review date. The redemption price for each preference share will be €202,937.50, equivalent…
Link Securities | BBVA (BBVA) notified the National Securities Market Commission (CNMV) of the partial execution of the capital reduction resolution adopted by the Ordinary General Shareholders’ Meeting held on March 17 2023, through the reduction of BBVA’s share capital by a nominal amount of €31,675,343.91, and the consequent redemption of 64,643,559 treasury shares of €0.49 par value each, held by the company as treasury shares. The treasury shares subject…
Capital Madrid | The Turkish bet of the former BBVA president, Francisco González (currently indicted in court for the conspiracy to spy on politicians, businessmen, and private individuals), has not stopped growing, even after several recent incidents of corruption. Political instability, terrorism, and excessive volatility are reducing its profitability to a minimum. On the semi-holiday stock market day yesterday, Monday 15 May (Madrid was celebrating the day of its patron…
BBVA has now published its Q4 results. According to Morgan Stanley “net profit of €1.58bn in the last quarter of 2022 beat consensus by 2.5%, with NII (Net Interest Income) 1.4% higher than expected, fees and commissions 2% lower and overall total revenues in line with expectations. Operating profit before provisions and costs were also in line. Good capital data, with CET1 16 bps quarter-on-quarter up (+30 bps vs. consensus)…
Morgan Stanley | The increase in delinquencies in subprime auto loans in the US, as well as the normalisation of second hand car prices, is not being caught by consensus. When this happens, the debate will begin over the weak yield in the region, preventing a rerating of the security. The analyst is lowering EPS 2023 forecasts for Santander by 3% due to the increase in the level of provisions…
Singular Bank | The ECB revises and determines minimum capital requirements for each lender annually so that, in function of its own funds, it has an established guarantee of solvency. In this respect, for 2023, BBVA will have to have a CET1 ratio of 8.72% (vs 8.60% in 2022) and a total capital level of 12.97% (vs 12.76%). In the case of Sabadell, the CET1 will have to be 8.65%, compared…
Renta 4 | In line with information in the el Economista daily, BBVA would have prevailed over minority shareholders (MERLIN Properties and SANJOSE) in the arbitrage over the sale rights in Distrito Castellana Norte (DCN) project. The Arbitrator, D. Miguel Virgós, has communicated his decision to the parties involved. This means the Spanish bank, chaired by D. Carlos Torres, will be able to sell its 75.54% stake in the project,…
The Corner | BBVA said net attributable profit rose 46% to 4.842 billion euros in the nine months to September from a year earlier, boosted by a strong performance in its main market Mexico. Group net interest income rose 29% to 13.811 billion euros year-on-year, while costs increased by 12.8%, as the hike in interest rates offset inflation. In Mexico, net attributable profit rose 47.5% in the nine-month period to 2.964…
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…
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…