BBVA: best-in-class profitability, with exposure to emerging markets
The stock-market euphoria surrounding Spain's banking sector should not obscure the fundamental reality of the underlying names. If BBVA shares have posted a spectacular 100% gain over the past year, riding the sector wave, one question is worth asking: has the upside run its course? My analysis suggests the opposite. Paradoxically, the failure of the Sabadell acquisition acted as a positive catalyst, clearing strategic fog and allowing management to refocus on massive organic capital generation.
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Surperformance is Buy on BBVA since 2026-01-20
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Banco Bilbao Vizcaya Argentaria, S.A. is a banking group organized around three sectors of activity:
- retail banking: sales of classical and specialized products and services (leasing credit, consumer loans, insurance, etc.);
- investment and market banking: project financing, capital investment, financial intermediation, merger-acquisition consulting, etc.;
- private banking and asset management.
At the end of 2024, the group manages EUR 468.6 billion in current deposits and EUR 429.6 billion in current credits.
Products and services are marketed via a network of 5,749 branches throughout the world.
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