Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) Q1 2024 Earnings Call Transcript

Banco Bilbao Vizcaya Argentaria, S.A. (NYSE:BBVA) Q1 2024 Earnings Conference Call April 29, 2024 3:30 AM ET

Company Participants

Onur Genç - Chief Executive Officer
Luisa Gómez Bravo - Group’s Chief Financial Officer
Patricia Bueno Olalla - Global Head of Shareholder & Investor Relations

Conference Call Participants

Maks Mishyn - JB Capital
Francisco Riquel - Alantra
Benjamin Toms - RBC Capital Markets
Marta Sanchez Romero - Citi
Antonio Reale - Bank of America
Sofie Peterzens - J.P. Morgan
Alvaro Serrano - Morgan Stanley
Ignacio Ulargui - BNP Paribas Exane
Britta Schmidt - Autonomous Research
Andrea Filtri - Mediobanca
Carlos Peixoto - CaixaBank
Chris Hallam - Goldman Sachs
Ignacio Cerezo - UBS
Fernando Gil - Bestinver

Patricia Bueno Olalla

Good morning. Welcome, and thank you for joining BBVA's First Quarter Earnings Conference Call. I'm joined today by Onur Genç, our CEO; and Luisa Gómez Bravo, the Group’s CFO. As in previous quarters, Onur and Luisa will firstly discuss quarterly figures and then we will open the line to receive your questions. Thank you very much for your participation.

Now, I’ll turn the call over to Onur.

Onur Genç

Thank you, Patricia. Good morning to everyone. Welcome and thank you for joining BBVA's first quarter 2024 earnings webcast. Let's jump into it, starting with slide number three. On the left-hand side, you can see our net attributable profit reaching EUR 2.200 billion, showing another quarter of record results, obviously continuing the positive trend that we have been having for the past years.

This figure is 19% above the results of the same quarter of last year and almost 7% above last quarter. I should remind you that this quarter's number already includes the EUR 285 million of extraordinary tax in Spain. If the extraordinary tax was not there, the net attributable profit would have been obviously close