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BBVA earns 1,651 million euros between January and March

BBVA obtained a profit of 1,651 million euros between the months of January and March, 41% more than the same period of the previous year and 23% more compared to the fourth quarter of 2021. As reported this Thursday by the entity , this is the best quarterly result in the bank’s history. BBVA attributes the data to an increase in revenue, which stood at 5,939 million euros (+21.3%), and to the improvement in risk indicators. In parallel, the bank has managed to capture 2.4 million new customers, of which 57% have accessed the entity through digital channels.

Within the income item, the evolution of the interest margin and commissions stand out, the two main engines of BBVA’s growth this first quarter. Net interest income increased by 26.3% in year-on-year terms, to 4,158 million euros, while fee income increased by 14.1%, to 1,241 million euros.

In balance terms, the gross figure for loans and advances to customers reached 346,434 million euros, 5% more than the previous quarter, thanks to a greater number of loans to companies. As for customer funds, these increased by 2.2% in quarter-on-quarter terms, to 507,961 million euros.

On the other hand, operating expenses stood at 2,415 million euros, 8.5% more than in the first quarter of 2021. According to BBVA, expenses increased below median inflation in the countries where BBVA has presence (+10.3%).

Regarding the risk indicators, the lines of impairment of financial assets and provisions were reduced by 17.9%. In parallel, the delinquency rate fell two tenths compared to the end of 2021, to 3.9%, while the coverage rate increased slightly, from 75% to 76%.

Customer acquisition

During the first quarter, BBVA attracted 2.4 million new customers, of which 57% accessed the bank through digital channels. Compared to the same period of the previous year, customer acquisition increased by 81%.

According to the data provided by the entity, digital users already represent 70% of the total and add up to 43.6 million. Of these, 41.5 million are customers who use the mobile phone as their main device. In this sense, digital sales already account for 77% of all units sold to BBVA.

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