Balance Sheet BBVA

Equities

BBVA

ES0113211835

Banks

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Sep. 12	Our read-across of UCG’s move
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Published financial data: BBVA

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Interest Income On Loans	31.06B	22.39B	23.02B	28.37B	41.43B
Interest Income On Investments	162M	137M	176M	3.19B	6.54B
Interest Income, Total	31.22B	22.53B	23.19B	31.56B	47.97B
Interest On Deposits	12.04B	7.09B	7.47B	11.12B	24.76B
Total Interest On Borrowings	823M	710M	859M	1.15B	-
Interest Expense, Total	12.86B	7.8B	8.33B	12.28B	24.76B
Net Interest Income	18.36B	14.73B	14.86B	19.28B	23.21B
Income From Trading Activities	451M	777M	341M	562M	1.35B
Gain (Loss) on Sale of Loans	-	-	-	-	41M
Gain (Loss) on Sale of Assets	18M	438M	-16M	-119M	50M
Gain (Loss) on Sale of Invest. & Securities - (Rev)	160M	194M	884M	105M	417M
Income (Loss) on Equity Invest. (Income Block)	-42M	-39M	1M	21M	26M
Total Other Non Interest Income	5.87B	4.55B	5.37B	6.57B	6.45B
Non Interest Income, Total	6.46B	5.92B	6.58B	7.14B	8.34B
Revenues Before Provison For Loan Losses	24.83B	20.65B	21.44B	26.42B	31.55B
Provision For Loan Losses	4.07B	5.16B	3.02B	3.3B	4.39B
Total Revenues	20.76B	15.49B	18.43B	23.11B	27.16B
Salaries And Other Employee Benefits	6.31B	4.68B	5.01B	5.58B	6.53B
Amort. of Goodwill & Intang. Assets	-	-	1.23B	-	-
Occupancy Expense	1.6B	1.29B	-	1.33B	1.4B
Selling General & Admin Expenses, Total	3.59B	2.78B	2.94B	3.48B	3.92B
Total Other Non Interest Expense	682M	890M	520M	499M	665M
Non Interest Expense, Total	12.18B	9.63B	9.7B	10.89B	12.52B
EBT, Excl. Unusual Items	8.57B	5.85B	8.72B	12.22B	14.64B
Restructuring Charges	-190M	-	-754M	-	-
Impairment of Goodwill	-1.32B	-	-	-	-
Asset Writedown	-106M	-144M	-180M	28M	-42M
Legal Settlements	-170M	-208M	-135M	-210M	-171M
Other Unusual Items	-392M	-254M	-408M	-1.69B	-2.01B
EBT, Incl. Unusual Items	6.4B	5.25B	7.25B	10.36B	12.42B
Income Tax Expense	2.05B	1.46B	1.91B	3.53B	4B
Earnings From Continuing Operations	4.34B	3.79B	5.34B	6.83B	8.42B
Earnings Of Discontinued Operations	-	-1.73B	280M	-	-
Net Income to Company	4.34B	2.06B	5.62B	6.83B	8.42B
Minority Interest	-833M	-755M	-965M	-407M	-397M
Net Income - (IS)	3.51B	1.3B	4.65B	6.42B	8.02B
Preferred Dividend and Other Adjustments	419M	387M	359M	313M	345M
Net Income to Common Incl Extra Items	3.09B	918M	4.29B	6.11B	7.67B
Net Income to Common Excl. Extra Items	3.09B	2.65B	4.01B	6.11B	7.67B
Per Share Items
Net EPS - Basic	0.47	0.14	0.67	0.99	1.29
Basic EPS - Continuing Operations	0.47	0.4	0.63	0.99	1.29
Basic Weighted Average Shares Outstanding	6.65B	6.66B	6.4B	6.19B	5.95B
Net EPS - Diluted	0.47	0.14	0.67	0.99	1.29
Diluted EPS - Continuing Operations	0.47	0.4	0.63	0.99	1.29
Diluted Weighted Average Shares Outstanding	6.65B	6.66B	6.4B	6.19B	5.95B
Normalized Basic EPS	0.68	0.44	0.7	1.17	1.47
Normalized Diluted EPS	0.68	0.44	0.7	1.17	1.47
Dividend Per Share	0.26	0.06	0.31	0.43	0.55
Payout Ratio	61.13	81.61	19.9	34.03	35.02
American Depositary Receipts Ratio (ADR)	1	1	1	1	1
Supplemental Items
Effective Tax Rate - (Ratio)	32.09	27.8	26.34	34.08	32.23
Total Current Taxes	-	-	-	-	-
Normalized Net Income	4.53B	2.9B	4.49B	7.23B	8.75B
Non-Cash Pension Expense	131M	90M	64M	155M	220M
Supplemental Operating Expense Items
Stock-Based Comp., SG&A Exp. (Total)	31M	16M	33M	32M	-
Total Stock-Based Compensation	31M	16M	33M	32M	-

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	7.06B	6.45B	6.88B	6.53B	7.75B
Investment Securities, Total	114B	152B	111B	122B	135B
Trading Asset Securities, Total	104B	78.3B	125B	112B	142B
Total investments	219B	230B	237B	235B	277B
Gross Loans	412B	343B	347B	385B	408B
Allowance For Loan Losses	-12.43B	-12.14B	-11.12B	-11.24B	-11.27B
Net Loans	400B	331B	336B	373B	397B
Gross Property Plant And Equipment	15.94B	13.03B	12.81B	14.58B	16.01B
Accumulated Depreciation	-6.05B	-5.36B	-5.62B	-6.04B	-6.88B
Net Property Plant And Equipment	9.89B	7.67B	7.19B	8.54B	9.13B
Goodwill	4.96B	910M	818M	707M	795M
Other Intangibles, Total	2.01B	1.44B	1.38B	1.45B	1.57B
Investment in Real Estate	175M	151M	109M	202M	124M
Accrued Interest Receivable	231M	756M	730M	1.49B	1.37B
Other Receivables	1.76B	1.2B	932M	1.98B	2.86B
Restricted Cash	31.76B	53.08B	55B	67.31B	60.75B
Other Current Assets, Total	3B	85.55B	647M	1.34B	256M
Deferred Tax Assets Long-Term (Collected)	15.32B	15.33B	14.92B	14.49B	14.64B
Other Real Estate Owned And Foreclosed	1.24B	1.01B	838M	12M	943M
Other Long-Term Assets, Total	2.76B	1.49B	1.05B	1.01B	1.42B
Total Assets	699B	736B	663B	713B	776B
Liabilities
Accrued Expenses, Total	2.46B	1.58B	2.14B	2.57B	2.88B
Interest Bearing Deposits	148B	131B	107B	122B	118B
Non-Interest Bearing Deposits	288B	274B	301B	328B	324B
Total Deposits	436B	405B	407B	449B	442B
Short-Term Borrowings	41.31B	55.84B	44.78B	51.77B	68.36B
Current Portion of Long-Term Debt	-	-	-	-	-
Current Portion of Leases	269M	244M	218M	142M	236M
Long-Term Debt	68.62B	66.31B	59.16B	58.72B	72.68B
Long-Term Leases	3.07B	2.43B	2.34B	1.26B	1.27B
Current Income Taxes Payable	880M	545M	644M	1.42B	878M
Accrued Interest Payable	-	-	-	-	-
Other Current Liabilities - (Bank / Utility Template)	61.08B	125B	65.12B	63.44B	93.8B
Pension & Other Post Retirement Benefits	4.69B	4.32B	4.21B	3.1B	3.01B
Deferred Tax Liability Non-Current	1.93B	1.81B	1.77B	1.33B	1.68B
Other Non Current Liabilities	23.65B	23.71B	26.44B	29.54B	33.64B
Total Liabilities	644B	686B	614B	663B	720B
Common Stock, Total	3.27B	3.27B	3.27B	2.96B	2.86B
Additional Paid In Capital	23.99B	23.99B	23.6B	20.86B	19.77B
Retained Earnings	28.83B	31.81B	35.96B	38.23B	43.3B
Treasury Stock	-62M	-46M	-647M	-29M	-34M
Comprehensive Income and Other	-7.3B	-14.48B	-18.27B	-15.02B	-14.2B
Total Common Equity	48.72B	44.55B	43.91B	46.99B	51.7B
Minority Interest	6.2B	5.47B	4.85B	3.62B	3.56B
Total Equity	54.93B	50.02B	48.76B	50.62B	55.26B
Total Liabilities And Equity	699B	736B	663B	713B	776B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	3.88B	6.65B	6.54B	6.02B	5.83B
ECS Total Common Shares Outstanding	-	6.65B	6.54B	6.02B	5.83B
Book Value / Share	12.57	6.7	6.71	7.8	8.86
Tangible Book Value	41.76B	42.2B	41.71B	44.84B	49.34B
Tangible Book Value Per Share	10.78	6.34	6.38	7.44	8.46
Tangible Book Value Per Share (As Reported)	6.27	6.05	6.52	7.44	8.46
Average Assets	694B	-	679B	702B	748B
Average Loans	-	-	325B	357B	378B
Total Debt	113B	125B	107B	112B	143B
Deposits at Interest - Cash	36.03B	-	-	-	-
Debt Equivalent of Unfunded Proj. Benefit Obligation	4.62B	4.18B	3.68B	2.66B	6.04B
Net Debt	-5.61B	65M	-34.4B	-18.33B	-20.42B
Equity Method Investments, Total	1.49B	1.44B	901M	916M	976M
Full Time Employees	127K	123K	110K	116K	116K
Part Time Employees	-	-	-	-	224
Number Of Offices	7.74K	7.43K	6.08K	6.04K	5.95K
Assets on Operating Lease - Gross	337M	345M	267M	582M	800M
Assets on Operating Lease - Accumulated Depreciation	-74M	-54M	-33M	-52M	-49M

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	3.51B	1.3B	4.65B	6.42B	8.02B
Depreciation, Depletion & Amortization	979M	781M	740M	818M	866M
Amortization of Goodwill and Intangible Assets - (CF)	620M	59M	48M	20M	19M
Total Depreciation, Depletion & Amortization	1.6B	840M	788M	838M	885M
Amortization of Deferred Charges, Total	-	448M	446M	490M	518M
Change in Trading Asset Securities	-15.32B	-27.02B	-9.89B	14.84B	-25.41B
Change in Other Net Operating Assets (Collected)	-5.22B	54.61B	-3.11B	-6.48B	9.48B
Other Operating Activities	7.21B	9.16B	5.87B	7.61B	5.79B
Cash from Operations	-8.21B	39.35B	-1.24B	23.72B	-721M
Capital Expenditure	-852M	-632M	-396M	-1.81B	-1.13B
Sale of Property, Plant, and Equipment	1.33B	841M	78M	29M	92M
Cash Acquisitions	-	-	-	-1.39B	-
Divestitures	5M	-	220M	-	21M
Purchase / Sale of Intangible Assets	-528M	-491M	-550M	-630M	-690M
Sale (Purchase) of Real Estate Properties (Collected)	-	-	-	-	-
Investment in Marketable and Equity Securities, Total	-16M	245M	543M	46M	-35M
Other Investing Activities, Total	163M	-	-1.53B	-155M	322M
Cash from Investing	98M	-37M	-1.63B	-3.91B	-1.42B
Long-Term Debt Issued, Total	3.38B	2.42B	-	-	4.67B
Total Debt Issued	3.38B	2.42B	-	-	4.67B
Long-Term Debt Repaid, Total	-3.57B	-2.82B	-2.3B	-2.26B	-1.63B
Total Debt Repaid	-3.57B	-2.82B	-2.3B	-2.26B	-1.63B
Issuance of Common Stock	1.34B	822M	438M	434M	711M
Repurchase of Common Stock	-1.09B	-807M	-1.02B	-2.98B	-2.17B
Common Dividends Paid	-2.15B	-1.06B	-926M	-2.18B	-2.81B
Common & Preferred Stock Dividends Paid	-2.15B	-1.06B	-926M	-2.18B	-2.81B
Other Financing Activities, Total	-612M	-624M	-538M	-571M	-622M
Cash from Financing	-2.7B	-2.07B	-4.35B	-7.56B	-1.84B
Foreign Exchange Rate Adjustments	-258M	-4.66B	-1.86B	-288M	-357M
Miscellaneous Cash Flow Adjustments	-1M	-	-	1M	-
Net Change in Cash	-11.08B	32.58B	-9.09B	11.96B	-4.34B
Supplemental Items
Cash Income Tax Paid (Refund)	1.6B	1.96B	1.55B	3.23B	5.35B
Net Debt Issued / Repaid	-190M	-395M	-2.3B	-2.26B	3.04B

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	0.63	0.53	0.76	0.99	1.13
Return On Equity %	8.06	7.22	10.81	13.74	15.91
Return on Common Equity	6.45	5.68	9.08	13.44	15.57
Shareholders Value Added	-1.5B	-4.23B	-135M	986M	2.12B
Margin Analysis
SG&A Margin	55.41	56.46	43.13	44.95	43.65
Net Interest Income / Total Revenues %	88.48	95.09	80.66	83.4	85.44
EBT Excl. Non-Recurring Items Margin %	41.31	37.8	47.35	52.89	53.9
Income From Continuing Operations Margin %	20.93	24.46	28.97	29.54	30.99
Net Income Margin %	16.92	8.43	25.25	27.78	29.52
Net Avail. For Common Margin %	14.9	17.09	21.78	26.42	28.25
Normalized Net Income Margin	21.8	18.75	24.35	31.3	32.22
Asset quality
Nonperforming Loans / Total Loans %	3.87	4.28	4.23	3.51	3.54
Nonperforming Loans / Total Assets %	2.28	1.99	2.21	1.89	1.86
Nonperforming Assets / Total Assets %	2.46	2.13	2.3	1.89	1.98
NPAs / Loans and OREO	4.16	4.56	4.38	3.51	3.76
NPAs / Equity	31.31	31.37	31.22	26.68	27.85
Allowance for Credit Losses / Net Charge-offs %	531.75	544.68	468.63	654.84	417.06
Allowance for Credit Losses / Nonperforming Loans %	77.87	82.72	75.84	83.28	78.01
Allowance for Credit Losses / Total Loans %	3.02	3.54	3.2	2.92	2.76
Net Charge-offs / Total Average Loans %	-	-	0.73	0.48	0.71
Provision for Loan Losses / Net Charge-offs %	174.11	231.49	127.19	192.48	162.32
Earning Assets / IBL	-	-	-	-	-
Interest Income / Average Assets	4.5	-	3.42	4.5	6.41
Interest Expense / Average Assets	1.85	-	1.23	1.75	3.31
Net Interest Income / Average Assets	2.65	-	2.19	2.75	3.1
Non Interest Income / Average Assets	0.93	-	0.97	1.02	1.11
Non Interest Expense / Average Asset	1.76	-	1.43	1.55	1.67
Capital And Funding
Total Average Common Equity / Total Average Assets %