BBVA reported record net attributable profit of €6.051 billion for the first half of 2026, up 11.1% year on year, and announced a new €2 billion extraordinary share buyback, with the bank citing loan growth of 17.7% at constant exchange rates. Return on tangible equity for the half was 22.2%.
Second-quarter profit alone stood at €3.06 billion, an 11.4% year-on-year advance, according to the disclosure posted through the bank's investor pages. BBVA also updated its 2026 outlook, now guiding to a group return on tangible equity of around 21%.
NET INTEREST INCOME UP 18.8%
Net interest income for the half rose 18.8% year on year at constant exchange rates to €15.16 billion, providing the foundation for the record profit. BBVA said performance was strong across all business areas, especially in Türkiye, Mexico and South America.
Operating expenses rose 17.9% to €8 billion and impairment on financial assets rose 24.2%, both at constant exchange rates, while the accumulated cost of risk reached 1.43%.
EXTRAORDINARY BUYBACK ANNOUNCED
Alongside the earnings, BBVA announced a new €2 billion extraordinary share buyback; the first €1 billion tranche was due to begin on 5 August, with the remaining €1 billion to be executed once approved by the bank's corporate bodies. Chief executive Onur Genç attributed the programme to the bank's "exceptional value creation and strong capital position"; the CET1 ratio stood at 12.90% at 30 June, above the 11.5% to 12% target range.
In Spain, net attributable profit rose 2.3% to €2.17 billion in the half, while BBVA Mexico earned €2.98 billion, up 8.2%.
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