6-K 1 d340458d6k.htm FORM 6-K Form 6-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 6-K

 

 

REPORT OF FOREIGN ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of April, 2012

Commission file number: 1-10110

 

 

BANCO BILBAO VIZCAYA ARGENTARIA, S.A.

(Exact name of Registrant as specified in its charter)

 

 

BANK BILBAO VIZCAYA ARGENTARIA, S.A.

(Translation of Registrant’s name into English)

 

 

Paseo de la Castellana, 81

28046 Madrid

Spain

(Address of principal executive offices)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F  x            Form 40-F  ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(l):

Yes  ¨             No  x

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes  ¨             No  x

 

 

 


LOGO

Press release

04.25.2012

January-March 2012 results

BBVA earns €1.005 billion in the first quarter

 

¨ Rising revenues: BBVA’s net interest income increased for the fifth consecutive quarter to €3.6 billion, up 13.3% compared to the first three months of 2011. Growth was spread widely across all geographic regions

 

¨ Generating earnings: net attributable profit in the quarter exceeded €1 billion,

demonstrating once again BBVA’s ability to generate earnings in a recurring and solid fashion despite a complex environment

 

¨ Strong capital position: organic generation of capital allowed BBVA to meet the recommendations of the European Banking Authority (EBA) ahead of time without resorting to the sale of strategic assets

BBVA’s profit for the first quarter of 2012 was €1.005 billion, which is 12.6% less than the same period last year but exceeds that of the two previous quarters. Gross income rose 3.5% to €5.45 billion, supported by firm recurring income in all the regions where the Group operates. The solid ability to generate capital organically was the key factor in achieving early compliance with EBA’s recommendations. Risk indicators remained stable for the ninth consecutive quarter.

“These results demonstrate the strength and resilience of our business model, which allows us to navigate the crisis, generating earnings and strengthening our capacity to grow while maintaining dividend payments,” BBVA President and Chief Operating Officer Ángel Cano said.

Net interest income, a measure of basic banking business, was highly positive thanks to excellent pricing in all regions and to buoyant activity in emerging markets. This indicator continues its upward trend, rising 13.3% year-over-year to €3.6 billion in the first quarter compared to the same period a year earlier. Additionally, recurring gross income, which excludes net trading income (NTI) and dividend income, continued to climb reaching €5.05 billion (up 12.6% year-over-year). The resilience of these items was assisted by limited rises in costs, which grew slower than recurring income and were mainly related to investments in emerging economies. In the first quarter the Group’s workforce increased 2.5% year-over-year to 111,306 employees, the number of ATMs grew 8.2% to 19,007 and branches increased slightly to 7,466. Lastly, recurring operating income (excluding the effect of NTI and dividend income) stood at €2.47 billion, up 15.9% compared to the same period last year.

adelante.


 

LOGO

Press release

04.25.2012

Net interest income

BBVA Group         

(€m)                          

 

LOGO

Prudence and anticipation in risk management kept the indicators stable for the ninth consecutive quarter despite Spain’s complex environment. The non-performing asset ratio (NPA) was again 4.0%, improving on the figure of 4.1% a year earlier, and coverage stands at 60%. Loan-loss and real estate provisions continued to be stable (€1.3 billion in the quarter).

The organic generation of capital means BBVA has met the EBA recommendations (core capital ratio of 9%) ahead of time. This was accomplished without selling strategic assets and without any type of public-sector aid while keeping dividend payments stable. When calculated according to current rules the core capital ratio stands at 10.7%.

In terms of finance requirements BBVA Group enjoys a very comfortable position. Debt redemptions for 2012 and 2013 are already covered and there is ample collateral. BBVA has used funds from the European Central Bank’s three-year loans to improve its liquidity structure.

In terms of business activity gross lending to Group customers rose 3.4% year-over-year to €358.51 billion thanks to buoyant business in emerging economies. Total customer funds rose 0.6% to €429.8 billion.

adelante.


 

LOGO

Press release

04.25.2012

Geographic diversification

The BBVA Group’s regional diversification, with special emphasis on emerging economies, was a key factor for the income statement.

 

Net attributable profit by region

BBVA Group

(%)

  

Net attributable profit by economies

BBVA Group

(%)

 

LOGO

 

 

Net attributable profit for 1Q12 tops €1,000m

 

Note: breakdown excludes Corporate Activities

Spain’s contribution to the income statement was €229 million, down 52.2% year-over-year affected by net trading income (NTI) figures extremely high in the first quarter of 2011 and higher provisioning in the current year. In the declining economic context the favorable management of prices was noteworthy, as were the market share gains in lending and deposits, and the positive evolution of net interest income. The NPA ratio stands at 4.9% and the coverage ratio is 43%.

Eurasia, which includes the investments in China Citic Bank (CNCB) and Garanti, enjoyed vigorous business and growing earnings. Net attributable profit rose 51.7% to €299 million.

In Mexico, BBVA Bancomer consolidated its lead over competitors with a stable risk premium. The franchise contributed €430 million (up 3.6% at constant exchange rates) and it set a new record for quarterly income.

adelante.


 

LOGO

Press release

04.25.2012

The buoyant activity in South America was reflected in revenues. Gross income grew 18.1% in constant euros to €1.37 billion. The region reported an improvement in efficiency, NPA ratio stood at 2.3%, with a coverage ratio of 141%. Net attributable profit came to €370 million (up 27.1% at constant exchange rates).

In the United States the notable features were the resilience of income and cost control plus a steady improvement in risk indicators. The NPA ratio improved to 3.2%, compared to 3.5% in December and 4.3% in March 2011. Net attributable profit at BBVA’s U.S. franchise came to €115 million (up 15.6% at constant exchange rates).

The highlight in Corporate & Investment Banking was the resilience of the Group’s wholesale banking results. This is due to its focus on customers and the low-risk business model with a high degree of diversification by region and product. In the first quarter this unit generated net attributable profit of €279 million, down 18.7% at constant exchange rates.

Contact details:

Corporate Communications

Tel: (+34) 91 537 53 48

BZA00104@grupobbva.com

For more financial information about BBVA visit:

http://shareholdersandinvestors.bbva.com/TLBB/tlbb/bbvair/ing/index.jsp

For more BBVA news visit: http://press.bbva.com/

adelante.


 

LOGO

Press release

04.25.2012

BBVA Group Highlights

(Consolidated figures)

 

     31-03-12      p%     31-03-11      31-12-11  

Balance sheet (million euros)

          

Total assets

     6,00,477         6.8        562,174         597,688   

Customer lending (gross)

     358,507         3.4        345,814         361,310   

Deposits from customers

     278,445         (1.8     283,559         282,173   

Other customer funds

     151,350         5.4        143,615         144,291   

Total customer funds

     429,794         0.6        427,175         426,464   

Total equity

     41,361         9.2        37,881         40,058   

Income statement (million euros)

          

Net interest income

     3,597         13.3        3,175         13,160   

Gross income

     5,447         3.5        5,263         20,566   

Operating income

     2,862         (1.5     2,904         10,615   

Income before tax

     1,423         (14.2     1,659         3,770   

Net attributable profit

     1,005         (12.6     1,150         3,004   

Net attributable profit excluding one-offs(1)

     1,005         (12.6     1,150         4,015   

Data per share and share performance ratios

          

Share price (euros)

     5.97         (30.3     8.56         6.68   

Market capitalization (million euros)

     29,257         (23.9     36,447         32,753   

Net attributable profit per share (euros)

     0.20         (18.3     0.24         0.64   

Net attributable profit per share excluding one-offs (euros)(1)

     0.20         (18.3     0.24         0.85   

Book value per share (euros)

     8.44         (0.6     8.49         8.35   

P/BV (Price/book value times)

     0.7         (29.3     1.0         0.8   

Significant Ratios (%)

          

ROE (Net attributable profit/Average equity)

     9.9           12.8         8.0   

ROE excluding one-offs(1)

     9.9           12.8         10.6   

ROTE (Net attributable profit/Average tangible equity)

     12.6           16.9         10.7   

ROTE excluding one-offs(1)

     12.6           16.9         14.3   

ROA (Net income/Average total assets)

     0.79           0.95         0.61   

ROA excluding one-offs(1)

     0.79           0.95         0.79   

RORWA (Net income/Average risk-weighted assets)

     1.43           1.67         1.08   

RORWA excluding one-offs(1)

     1.43           1.67         1.40   

Efficiency ratio

     47.5           44.8         48.4   

Risk premium

     1.22           1.20         1.20   

NPA ratio

     4.0           4.1         4.0   

NPA coverage ratio

     60           61         61   

Capital adequacy ratios (%)

          

Core capital

     10.7           8.9         10.3   

Tier l

     10.7           9.8         10.3   

BIS Ratio

     13.2           13.0         12.9   

Other information

          

Number of shares (millions)

     4,903         9.2        4,491         4,903   

Number of shareholders

     976,922         6.0        921,650         987,277   

Number of employees(2)

     111,306         2.5        108,594         110,645   

Number of branches(2)

     7,466         0.7        7,412         7,457   

Number of ATMs(2)

     19,007         8.2        17,564         18,794   

General note: These quarterly statements have not been audited. The consolidated accounts of the BBVA Group have been drawn up according to the International Financial Reporting Standards (IFRS) adopted by the European Union and in conformity with Bank of Spain Circular 4/2004, together with the changes introduced therein.

 

(1) In the fourth quarter of 2011 a charge was booked for goodwill impairment in the United States.
(2) Excluding Garanti.

adelante.


 

LOGO

Press release

04.25.2012

Consolidated income statement: quarterly evolution

(Million euros)

 

     2012     2011  
     1Q     4Q     3Q     2Q     1Q  

Net interest income

     3,597        3,485        3,286        3,215        3,175   

Net fees and commissions

     1,216        1,136        1,143        1,167        1,114   

Net trading income

     367        416        (25     336        752   

Dividend income

     27        230        50        259        23   

Income by the equity method

     193        207        150        123        121   

Other operating income and expenses

     47        42        22        62        79   

Gross income

     5,447        5,515        4,627        5,162        5,263   

Operating costs

     (2,585     (2,652     (2,461     (2,479     (2,359

Personnel expenses

     (1,379     (1,404     (1,325     (1,306     (1,276

General and administrative expenses

     (974     (1,021     (920     (964     (887

Depreciation and amortization

     (232     (227     (216     (208     (196

Operating income

     2,862        2,863        2,166        2,683        2,904   

Impairment on financial assets (net)

     (1,085     (1,337     (904     (962     (1,023

Provisional (net)

     (130     (182     (94     (83     (150

Other gains (losses)

     (222     (1,718     (166     (154     (71

Income before tax

     1,423        (375     1,002        1,484        1,659   

Income tax

     (250     368        (95     (189     (369

Net income

     1,173        (7     907        1,295        1,290   

Non-controlling interests

     (168     (132     (103     (106     (141

Net attributable profit

     1,005        (139     804        1,189        1,150   

Net one-offs(1)

       (1,011      

Net attributable profit (excluding one-offs)

     1,005        872        804        1,189        1,150   

Basis earnings per share (euros)

     0.20        (0.03     0.17        0.25        0.24   

Baste earnings par share excluding one-offs (euros)(2)

     0.20        0.18        0.17        0.25        0,24   

 

(1) In the fourth quarter of 2011 a charge was looked for goodwill impairment in the United States.

adelante.


 

LOGO

Press release

04.25.2012

About BBVA

 

LOGO

BBVA is a customer-centric global financial services group founded in 1857. The Group has a solid position in Spain, it is the largest financial institution in Mexico and it has leading franchises in South America and the Sunbelt Region of the United States. Its diversified business is biased to high-growth markets and it relies on technology as a key sustainable competitive advantage. BBVA ranks among the leading euro zone banks in terms of ROE and efficiency. Corporate responsibility is at the core of its business model. BBVA fosters financial education and inclusion, and supports scientific research and culture. It operates with the highest integrity, a long-term vision and applies the best practices. The Group is present in the main sustainability indexes.

adelante.


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

    Banco Bilbao Vizcaya Argentaria, S.A.
Date: April 25, 2012     By:   /s/ Eduardo Ávila Zargoza
    Name:   Eduardo Ávila Zargoza
    Title:   Chief Accounting Officer