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BBVA, a Spanish bank, has reported its first-quarter results for 2024, with earnings of 2,200 million euros, an increase of 19.1% compared to the same period last year. The growth is attributed to an increase in income, particularly in the interest margin in Spain and strong performance in Mexico.
BBVA achieved double-digit growth once again in the first quarter of 2024. The interest margin increased by 15.4% to 6,512 million euros and net commissions rose by 31.1% to 1,887 million euros. Despite the growth in profits, the rate of growth has slowed somewhat compared to the previous year but is expected to surpass the profit record from 2023.
The bank continues to focus on efficiency and improving profitability metrics such as return on equity (ROE) and return on tangible capital (ROTE), which have both increased compared to the previous year. By territory, Mexico remains the primary driver of profits for the bank, contributing 56.5% of total profits while Spain contributes at 28.4%, and Türkiye at 5.6%.
In Mexico, BBVA’s performance was particularly strong with a 12.6% increase in earnings compared to the first quarter of 2023. In Spain, earnings saw a significant increase of over 36% due to growth in interest margins and net commissions despite economic challenges in Türkiye that resulted in a decline of over 48%. Despite these challenges, BBVA remains focused on efficiency and profitability with continued emphasis on digital channels and customer growth.
Overall BBVA’s impressive financial performance can be attributed to its ability to adapt quickly to changing market conditions while maintaining its commitment towards delivering value for its customers and stakeholders alike.
