BBVA Reports 2024 Profit Growth of 19.1%: Mexico, Spain Driving Bank’s Success

In 2024, BBVA, the Spanish bank, released its first-quarter results and reported earnings of 2,200 million euros. This represented a 19.1% increase compared to the same period in 2023. The growth was attributed to an increase in income, particularly in Spain and Mexico. The market responded positively to these figures with a nearly 1% increase in the stock market early in the session.

In 2023, BBVA experienced favorable interest rate increases on both sides of the Atlantic, which boosted recurring income for banks. The bank managed to achieve double-digit growth once again in the first quarter of 2024. The interest margin increased by 15.4%, and net commissions rose by 31.1%. Despite this growth in profits, the rate of growth has slowed somewhat compared to the previous year. However, it is expected that BBVA will surpass its profit record from 2023.

BBVA continues to focus on efficiency and improving profitability metrics such as return on equity (ROE) and return on tangible capital (ROTE), which have both increased compared to the previous year. By territory, Mexico remains the primary driver of profits for the bank, contributing 56.5% of total profits followed by Spain at 28.4% and Türkiye at 5.6%. BBVA’s performance in Mexico was particularly strong with a 12.6% increase in earnings compared to Q1 of 2023 while Spain saw a significant increase of 36.5% driven by growth in interest margin and net commissions but Türkiye experienced a decline of