By Linda Hall • 01 February 2023 • 13:15
BBVA: Chairman Carlos Torres Vila announced best-ever year
Photo credit: BBVA
Outstripping both the €6.12 billion that the bank posted in 2007 and 2018’s €5.32 billion, this year’s showing was aided by a double-digit increase in lending income and a strong performance in Mexico.
Thanks to these results, BBVA announced its largest cash dividend for 14 years, paying out 31 cents per share, and also revealed a share repurchase plan of €422 million. In all, the bank is assigning €3 billion to shareholder distribution, 47 per cent of the bank’s 2022 net profit.
“2022 was a year of growth for BBVA,” said the bank’s chairman Carlos Torres Vila. “We had the highest profit in our history, with significant growth in lending and major advances in our strategy, focused on digitisation, innovation and sustainability.” Torres Vila added that looking ahead, and despite world uncertainty, BBVA would continue to create opportunities and contribute to the economic and social growth of the countries where it had a presence.
Mexico accounted for more than 60 per cent of BBVA’s net earnings in 2022, with a net profit rising 64 per cent and income from lending increasing by 44 per cent. This year the bank has predicted mid-teens growth in lending income and double-digit growth in loans there.
At the same time, some analysts have cited risks from BBVA’s exposure to Turkey where the bank has started to implement hyper-inflationary accounting.
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Originally from the UK, Linda is based in Valenca and is a reporter for The Euro Weekly News covering local news. Got a news story you want to share?
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