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    Hugo Cruz

    Director and Senior Equity Analyst at Keefe, Bruyette & Woods

    Hugo Cruz is a Director and Senior Equity Analyst at Keefe, Bruyette & Woods (KBW), specializing in the analysis of Italian, German, and Portuguese banks. He provides coverage for major listed banks in these regions, including companies like Intesa Sanpaolo and BPER Banca, and is known for delivering thorough sector insights to institutional clients. Cruz began his career with positions at UBS, Lloyds Bank, and McKinsey & Company, and previously covered southern European banks at Redburn before joining KBW in 2015. He holds a BBA from Universidade Católica Portuguesa and an MBA with honors from the University of Chicago Booth School of Business.

    Hugo Cruz's questions to BANCO BILBAO VIZCAYA ARGENTARIA (BBVA) leadership

    Hugo Cruz's questions to BANCO BILBAO VIZCAYA ARGENTARIA (BBVA) leadership • Q2 2025

    Question

    Hugo Cruz of KBW asked for an explanation of the difference between the €48 billion cumulative profit target and the €39 billion CET1 generation figure. He also inquired about the timing for the €13 billion near-term capital distribution and the planned SRT contributions.

    Answer

    CEO Onur Genç explained the delta between cumulative profit and CET1 generation is primarily due to the negative impact of assumed currency depreciation (FX) over the plan's period. He confirmed the pending €1 billion buyback will start after the Sabadell process concludes. Global Head of Finance Luisa Gómez Bravo added that SRTs are expected to generate a run-rate of 30-40 basis points of CET1 annually.

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    Hugo Cruz's questions to BANCO BILBAO VIZCAYA ARGENTARIA (BBVA) leadership • Q4 2024

    Question

    Hugo Cruz of Keefe, Bruyette & Woods asked if the guided deterioration in Mexico's cost of risk was due to a shift in business mix or caution regarding the macroeconomic environment.

    Answer

    Executive Onur Genç gave a direct response, stating that the expected increase in the cost of risk for Mexico is primarily driven by a change in the business mix, specifically the strategy to grow more in the retail segment, which inherently carries a different risk profile.

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