- BBVA’s financial results show that Mexico is the country where the bank obtained the most benefits.
- BBVA has a long-term strategy focused on growth, actively seeking sales and acquisitions to strengthen its position in key markets.
- The bank’s global presence extends to several countries, including Mexico, the United States, Turkey, Colombia, Argentina, Peru and Chile.
BBVA’s financial results show more than interesting data regarding the markets in which the bank is present: Mexico was the country in which it obtained the most profits in the company’s first fiscal quarter, followed by Spain and Turkey.
Indeed, the geographical area that leads BBVA’s growth is Mexico, with 54 percent of the totalaccording to Business Insider.
In Mexico, BBVA achieved profits 68 percent higher than a year earlier.
His home country Spain reported 23 percent of total earnings and Turkey 12 percent.
In the quarter, adding all geographical areas, BBVA earned 1,840 million euros, 39.4% more than in the same three months of 2022.
It did so despite the payment of an extraordinary tax that was introduced in Spain to help sustain the crisis.
BBVA’s profits were produced especially in the “recurring income” item and due to the growth of the activity, and despite the fact that the market was very volatile, says the report of the company led by Carlos Torres Vila that was presented this Thursday, April 27, at the National Securities Market Commission (CNMV), in Spain.
The analysts of BI They understand that Mexico registered “record results” and that offset the figure of Spain, a country in which “despite the fact that the interest margin grew by 38 percent, the profit fell by 9.5 percent for the 226 million euros of the extraordinary tax on banks”.
According to the report, the holding’s profitability is around 16 percent, the highest in 10 years and above the average for large European banks.
Onur Genc, CEO of BBVA, in the entity’s statement, talks about “very solid results” who talk about the “fortaleza” of the bank even in times with “high volatility like those experienced recently”.
BBVA expansion strategy
With a long-term strategy focused on growth, BBVA has been actively seeking sales and acquisitions to strengthen its position in key markets.
BBVA’s global presence spans several countries, including Mexico (as I’m sure you already know), the United States, Turkey, Colombia, Argentina, Peru and Chile. In addition to Spain, of course, where it is based in Bilbao.
The bank’s focus on these markets is driven by their strong economic growth and changing demographics, such as a rising middle class and increasing digital adoption (although in Argentina the trend is reversed, by the way).
As of 2021, BBVA’s international operations represented approximately 50 percent of the bank’s total revenues and profits.
Mexico is BBVA’s largest market outside of Spain, where it has historically made a third of profits.
BBVA has been operating in Mexico since 1991 and has established itself as one of the leading banks in the country.
The United States is another important market for BBVA, where it has a significant presence in the southern states.
In that country, BBVA’s operations represented approximately 10 percent of the bank’s profits in 2021.
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