BBVA reported net profit of €2.698 billion for the first quarter of 2025, a 22.7% increase on the same period a year earlier.
Return on tangible equity stood at 20.2% for the quarter, the bank said. The results were published while BBVA's hostile bid for rival Spanish lender Banco Sabadell awaited regulatory decisions.
MEXICO AND SPAIN LEAD CONTRIBUTIONS
Mexico remained the group's single largest profit contributor, posting net attributable profit of €1.33 billion in the quarter, up 8% at constant exchange rates.
Turkey contributed €158 million of net attributable profit, up 10% in current euros, through Garanti BBVA. Spain, the group's home market, posted net attributable profit of €1.02 billion, up 44% year-on-year, driven by core revenues, better efficiency and lower loan-loss provisions.
The group's Common Equity Tier 1 ratio stood at 13.09% at the end of the quarter, the bank disclosed.
SABADELL BID
BBVA's hostile takeover bid for Banco Sabadell remained subject to ongoing regulatory review at the time of the results announcement. The European Central Bank cleared the takeover on 5 September 2024, while Spain's competition authority, the CNMC, was still conducting the in-depth review it opened in November 2024, and the offer also awaited CNMV approval.