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    Carlos Peixoto

    Senior Equity Analyst at CaixaBank BPI

    Carlos Peixoto is a Senior Equity Analyst at CaixaBank BPI specializing in the coverage of major European financial institutions, including companies such as Banco Sabadell and BBVA. He is known for maintaining a proactive 'Buy' recommendation and recent target price updates, demonstrating a data-driven approach to stock evaluations and a strong alignment with market performance trends. Peixoto has established his reputation as a knowledgeable sell-side analyst since joining CaixaBank BPI, having previously built experience within the Iberian financial markets sector. His professional background includes a consistent track record in providing insightful research and recommendations, though detailed performance metrics and regulatory credentials are not publicly disclosed.

    Carlos Peixoto's questions to BANCO BILBAO VIZCAYA ARGENTARIA (BBVA) leadership

    Carlos Peixoto's questions to BANCO BILBAO VIZCAYA ARGENTARIA (BBVA) leadership • Q2 2025

    Question

    Carlos Peixoto of CaixaBank inquired about the specific quantification of one-off VAT and DTA impacts in the quarter, and sought clarity on the €36 billion capital distribution plan, asking if all of it would be distributed and how the Sabadell deal might alter this figure.

    Answer

    CEO Onur Genç explained the net positive one-off impact was €150 million, resulting from a €250 million gain from a tax audit (VAT and tax rate) partially offset by a €100 million loss on USD hedges. Global Head of Finance Luisa Gómez Bravo noted a €150 million DTA activation. Genç affirmed the €36 billion is available for distribution and that the strategic plan is presented on a standalone basis, separate from the Sabadell transaction.

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    Carlos Peixoto's questions to BANCO BILBAO VIZCAYA ARGENTARIA (BBVA) leadership • Q1 2025

    Question

    Carlos Peixoto from CaixaBank questioned the conservatism in BBVA's guidance for Spain, asking why the bank maintains a low single-digit fee growth forecast after a 7% start and a 45 bps cost of risk guidance after a 30 bps Q1. He also asked for clarification on the cost of risk guidance for Turkey.

    Answer

    CFO Maria Gomez Bravo explained the fee guidance for Spain reflects caution around market volatility's potential impact on asset management fees. She clarified they have improved the cost of risk guidance for Spain to around 35 basis points. CEO Onur Genç confirmed they are sticking to their 180 basis points cost of risk guidance for Turkey, noting the Q1 figure of 189 bps was close to the target but that macro volatility remains a key factor.

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    Carlos Peixoto's questions to BANCO BILBAO VIZCAYA ARGENTARIA (BBVA) leadership • Q1 2025

    Question

    Carlos Peixoto from CaixaBank BPI questioned the conservative guidance for Spain, asking why fee income guidance remained at low single-digits despite 7% Q1 growth, and why the cost of risk guidance wasn't lowered more aggressively. He also sought clarification on whether the cost of risk guidance for Turkey was being maintained.

    Answer

    CFO Maria Gomez Bravo explained the fee guidance for Spain is maintained due to potential market volatility impacting asset management fees, which constitute 40% of the total. She noted the cost of risk guidance for Spain was improved to around 35 bps due to the strong start. CEO Onur Genç confirmed that the cost of risk guidance for Turkey remains at 180 basis points, though he reiterated that it is highly dependent on evolving macro parameters.

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    Carlos Peixoto's questions to BANCO BILBAO VIZCAYA ARGENTARIA (BBVA) leadership • Q4 2024

    Question

    Carlos Peixoto from CaixaBank BPI asked for the expected capital release from SRTs in 2025, a breakdown of Q4 capital impacts, and the estimated impact of the Spanish bank tax, including from the Sabadell deal.

    Answer

    Executive Maria Gomez Bravo indicated that BBVA expects to generate more capital from SRTs in 2025 than the 15 basis points generated in 2024. Executive Onur Genç noted the hyperinflation impact was 11 bps in Q4. Regarding the Sabadell transaction, Genç stated that the potential increase in the bank tax does not alter the strategic or financial rationale of the offer.

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    Carlos Peixoto's questions to Banco Santander (SAN) leadership

    Carlos Peixoto's questions to Banco Santander (SAN) leadership • Q2 2025

    Question

    Carlos Peixoto asked about the loan loss provisions at the Corporate Center, questioning if they are recurring and which geographies they relate to. He also inquired about the NII evolution outlook for Brazil given the portfolio's de-risking.

    Answer

    CFO José García Cantera clarified that the Corporate Center provisions were a specific action to accelerate charge-offs and lower the NPL ratio, and should not be considered recurring. For Brazil NII, he explained the balance sheet has been repositioned for a lower rate environment, particularly on the liability side, and projected that at 12% interest rates, the RoE in Brazil could reach or exceed 20%.

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    Carlos Peixoto's questions to Banco Santander (SAN) leadership • Q1 2025

    Question

    Carlos Peixoto asked about the net interest income (NII) outlook for Spain for the remainder of the year and whether macroeconomic uncertainties could trigger additional provisions for the auto finance business.

    Answer

    CFO José Antonio García Cantera stated that the NII outlook in Spain has improved due to active management of the ALCO portfolio, which has reduced interest rate sensitivity. On credit risk, he emphasized that unemployment is the key variable, not GDP. As long as labor markets remain strong, he does not foresee major provisioning model changes and reiterated the group's cost of risk target.

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    Carlos Peixoto's questions to Banco Santander (SAN) leadership • Q1 2024

    Question

    Carlos Peixoto of CaixaBank BPI questioned the NII outlook for the U.S. business throughout the year and asked if the very low cost of risk seen in the U.K. during Q1 is sustainable.

    Answer

    CEO Héctor Grisi projected a flattish NII outlook for the U.S., contingent on volume performance. Regarding the U.K., both Grisi and CFO José García Cantera affirmed the stability of credit quality, suggesting the low cost of risk levels seen in recent quarters could be extrapolated for the rest of the year due to strong labor markets.

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