$BBVA · BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
BBVA filed a 6-K with unaudited condensed interim consolidated financials for the nine months ended September 30, 2026. Net attributable profit reached €9,066M (€1.57 GAAP EPS), up from €7,978M in the prior-year period. Net interest income rose to €23,243M, with Mexico (€9,826M) overtaking Spain (€5,055M) as the largest NII contributor.
- Net attributable profit rose to €9,066M in 9M 2026 from €7,978M in 9M 2025, a 13.6% increase.
- Net interest income jumped 20.8% YoY to €23,243M, with Mexico contributing €9,826M and Spain €5,055M.
- Gross income reached €32,072M, up 18.2% from €27,136M in the prior-year period.
- Mexico segment attributable profit surged to €4,522M from €3,866M; Spain rose to €3,106M from €3,111M.
- Total assets expanded to €986,191M as of September 30, 2026, up from €859,576M at December 31, 2025.
BBVA shares fell 2.62% to $24.36 in regular trading despite strong 9M results; the -0.37% move since filing suggests the earnings were largely priced in or overshadowed by macro concerns.
BBVA's Mexico business has structurally overtaken Spain as the group's profit engine, a shift with long-term implications for geographic risk exposure and capital allocation.
BBVA's 20.8% NII growth outpaces most European peers, with Mexico now generating nearly double Spain's net interest income, underscoring the bank's emerging-market earnings engine.
Forward-looking risks include Turkey's "liraization" strategy compressing margins, depreciation of non-euro currencies, and potential credit deterioration from sustained high interest rates across core markets.