Madrid (AFP) – Spanish banking giant BBVA on Thursday reported a record annual profit, shrugging off the rollercoaster ride of its failed hostile takeover bid for its biggest national rival Sabadell. The 10.5 billion euros ($12.4 billion) of profit last year, an increase of 4.5 percent on 2024, comes after Santander also achieved record earnings in a moment of rude health for the sector.
BBVA, a major player also in Turkey and Latin America, said banking activity and customer growth drove its earnings, with a record 11.5 million new clients joining in 2025. Lending increased by 16.2 percent, supported by gains in market share in Spain, Mexico, and Turkey.
“This outstanding performance has resulted in an excellent value creation, which allows us to significantly accelerate shareholder remuneration, with a record dividend and the largest share buyback programme to date,” BBVA chairman Carlos Torres Vila said in a statement.
After more than a year of navigating regulatory requirements and misgivings from Spain’s leftist government, BBVA failed to win over Sabadell shareholders to create a European banking behemoth capable of rivalling HSBC or BNP Paribas.
Markets have seemingly welcomed the outcome, with BBVA’s share price climbing 40 percent on the Madrid stock market since the bid was dropped in October.
© 2024 AFP
